The widely followed analyst Benjamin Cowen is saying that Ethereum (ETH) is at risk of facing more downside over the coming months.

In a new video, Cowen tells his 801,000 YouTube subscribers that monetary policy is likely to negatively affect Ethereum.

“I think that ETH/USD is still facing some headwinds here, especially following the potential rejection of the spot exchange-traded fund (ETF)…

…I think the impact that people are going to feel is just from tighter monetary policy. They’re going to blame it on the spot ETF and they’re going to capitulate potentially into that.”

According to Cowen, the Ethereum could go up on one condition.

“If ETH goes up from here, it would only be due to Bitcoin going up a lot more.”

The widely followed analyst says that the Ethereum/Bitcoin (ETH/BTC) pair, on the other hand, is likely to keep falling under most circumstances based on history.

“So if Ethereum goes up, Ethereum/Bitcoin is probably going to keep going down. If Bitcoin goes sideways, Ethereum/Bitcoin is going to keep going down in my opinion. And if Bitcoin goes down, Ethereum/Bitcoin probably goes down because Bitcoin has been doing all s of things since 2022 began. In eight of 10 quarters, Ethereum/Bitcoin has gone down whether Bitcoin went up, down or sideways. Ethereum/Bitcoin generally went down.”

ETH is trading at $3,002 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham.

Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday.

They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets.

The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as smaller amounts of other crypto assets.

The exchange, which is owned by Tron founder Justin Sun, offered a 5% white hat bounty that went unaccepted. and the hacker still holds $181.47 million worth of crypto in their primary address, according to Arkham.

Justin Sun-affiliated projects have endured a prolific string of attacks in the past several months:  In September, hackers exploited the Sun-linked exchange giant HTX for approximately 4,999 Ethereum worth $7.9 million, according to the blockchain security firm PeckShield.

Then in November, hackers hit HTX and Heco Bridge, another Sun-linked project that’s used to move funds between Ethereum and energy-saving blockchain Heco Chain, for a combined $100 million, according to cybersecurity firm Cyvers.

And in January, hackers once again struck HTX, hitting the exchange with a distributed denial of service (DDoS) attack that caused a brief outage.

A DDoS attack is a malicious attempt by bad actors to flood the target website with traffic to overwhelm the site’s infrastructure.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Prominent on-chain analyst Checkmate is updating his outlook on Bitcoin’s (BTC) current market cycle and says that a parabolic move to the upside is likely in sight.

The pseudonymous analyst tells his 90,000 followers on the social media platform X that based on previous cycles, Bitcoin is most likely in for about six months of “chopsolidation” – or a choppy period of consolidation with no real trend shift.

After six months, Checkmate says that six months to a year’s worth of parabolic moves could be in store, based on historical precedence.

“Bitcoin history tends to rhyme, and thus far, this cycle is no different.

The song sung during the last two cycles paints around six-months of chopsolidation ahead of us, followed by 6-12 months of parabolic advance.”

While some are speculating that Bitcoin’s bull run may have already seen its top, Checkmate says such a scenario would be a major break from the “norm” of BTC’s past market cycles.

“If we measure from the cycle high, we see the same chorus.

Establishing a bull market top here would no question be a major break from the Bitcoin norm. It could for sure happen, but we must dig deeper to investigate…

April so far has seen prices drop by over $8,250 MoM (month over month)

I’m expecting text messages from the sidelines saying ‘Hey man, what’s up with Bitcoin, it’s down a lot, I hope you sold it?’”

Checkmate isolates every year in which a Bitcoin halving takes place, and notes that corrections like the one BTC has had since March are par for the course. The analyst also notes that the end of halving years tend to be quite bullish for Bitcoin.

“If we isolate Bitcoin halving years only (2012, 2016, 2020, 2024) we can see MoM performance via table and chart.

MoM corrections of this magnitude are the norm, not the exception, and the end of the year is usually pretty powerful (as per first charts).”

At time of writing, Bitcoin is worth $63,433.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney