Cryptocurrency Analyst Benjamin Cowen has warned investors that the price of ether ETH/USD could crash during bear market due to at least more than 65% a major economic concern.

addressing With over 779,000 followers on YouTube, Cowen said in a strategy session that the world’s second largest cryptocurrency by market cap could fall more than 65% from its current level of $1,180.

“I think you’re still looking a leg down on Ethereum’s valuation against the US Dollar here. I think the $400-$600 range is a good place to look for the same type of value that we saw last cycle.”

The social risk metric, which measures retail interest in the market by counting the number of people watching cryptocurrency YouTube channels and following digital asset-related accounts on Twitter, is another area Cowen is closely monitoring .

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Ethereum is gearing up for a major sell-off event

The Social Risk Index for Ethereum suggests that ETH is gearing up for another sell-off event, according to Cowen.

“I still think Ethereum is likely to target lower prices at some point. I think this is supported by the idea of ​​social risk. Social risk is finally reaching new lows. When social risk goes down, bitcoin dominance usually goes up,” he said.

“When a social risk crashed like this in 2018, that’s where Ethereum took its next descent,” he added.

In addition, according to Cowen, the risk of a recession is an additional bearish factor as the Federal Reserve continues tight monetary policy.

“I understand that you know that $600 Ethereum or even $400 Ethereum is another correction of 50% or more from these levels. But I think there’s reason to believe it could happen, not just from a price point and a technical point of view,” says Cowen.

“And I know there’s such a thing as the fundamental…