Crypto analyst Benjamin Cowen says Ethereum (ETH) is destined to revisit support levels after an overheated gathering.
In a new strategy session on YouTube, Cowen tells 926,000 subscribers that there appears to be a bearish divergence between ETH and its relative strength index.
Bearish divergence is when higher prices result in lower indicators, in this case RSI, foreseeing fatigue and potential inversions of price transfer.
According to Cowen, Eth's RSI signaled Ethereum's revisions probably in September.
“There's still a chance that divergence will continue, but it's not something you should really want at this point. If you look at the RSI of Ethereum, you can see that they're putting a little high here while the prices are high.
Cowen also says that Ethereum in Bitcoin Pair (ETH/BTC) is being prepared for another move. However, he believes that ETH/BTC will likely bounce and return a move of about 34% from the current level to the 0.053 level.
“I think we'll probably see a high, low form of macros in ETH/BTC ratings, like in late October, so that might lie a little more.
Source: Benjamin Cowen/YouTube
At the time of writing, ETH is trading at $4,341.
Generated Image: Midjourney
