Nvidia's Blackwell AI Chip Overheats—Launch at Risk as Tech Giants Grow Anxious 
Xiaomi SU7 Blazes Past 100K Deliveries Early, Ramps Up 2024 Goal to 130K Units 
Dogecoin Panic: Millions in Limbo as Wallet Shutdown Triggers Urgent Scam Warning 
AMD's Accounting Shake-Up: 'Smith's Sudden Exit Sparks Speculation' 
Tesla’s 5% Surge Sends S&P 500 Soaring Amid Tech Rally: 'Self-Driving Revolution On The Horizon' 
S&P 500 to Surge Backloaded in 2025: UBS Predicts 6,400 Milestone Amid Global Growth Headwinds 
China’s Xi Jinping at G20: AI Cannot Be a 'Game of Rich Countries,' Xinhua Reports Bold Speech 
Lummis Calls on Treasury to Swap Gold for Bitcoin in Strategic Reserve Plan 
Bitcoin’s Bull Run Sparks $135K Ceiling Forecast, but Could a $70K Correction Be Inevitable? 
Trump Meeting Rumors Put Ripple Labs CEO in Hot Seat; XRP Soars Amid Backlash 
OpenAI's o1 Model Under Fire as AI 'Godfather' Calls for 'Much Stronger Safety Tests' 
Trump Meets Coinbase CEO Brian Armstrong for Key Appointment Talks — WSJ 
Shiba Inu Set for Major Rally as Golden Cross Signals 23% Price Surge 
Cathie Wood Predicts Bitcoin’s Path to $1.5 Million by 2030, Fueled by ETFs and Institutional Support 
Shiba Inu Burn Rate Explodes 6223% as SHIB Price Rallies, Is $1 Within Reach? 
Trump’s Team Plans Federal Rules for Autonomous Vehicles as Tesla Cybercab Sparks Debate 
Facing significant selling pressure, Ethereum (ETH) has lost over $50 billion in market cap this week. Historical data indicates a possible 50% price correction, leading analysts like Benjamin Cowen to predict a drop to $1,200.
Ethereum Price Faces Historical 50% Correction Risk
Benjamin Cowen, a well-known crypto analyst, uses the log regression model to show that the ETH/USD pair has had a 70% decline to the lower logarithmic regression trend line whenever Ethereum (ETH) has broken support against Bitcoin.
According to Coingape, ETH is currently down 41%, which has sparked worries that a comparable situation could occur this year. Ethereum has lost more than $50 billion in market cap in the last week, and its price has fallen 1.14% to $2,366 at the moment.
$50 Billion in Losses Point to Further Declines
These precipitous drops happened in the fourth quarter of 2016 and 2019; therefore, it's possible that 2024 may follow a similar pattern.
Despite the optimism of certain market participants regarding a possible 'Uptober' rally, experts such as Benjamin Cowen have cautioned that it is prudent to carefully examine the hazards on the downside. "I think it will get a big drop before EOY to ~$1200 and then bounce into 2025," Cowen said in an August post.
Analysts Warn of $1,200 Target for ETH
This suggests that Ethereum's price might be getting ready for another 50% drop from where it is now. In response to Cowen's estimate, other market analysts have argued that it is irrelevant to the year in which Bitcoin will be halved.
Institutional Moves Away from Ethereum Deepen Market Concerns
Amidst the intensifying Israeli-Iranian crisis and contrary to everyone's predictions of a 'Uptober' rally, Bitcoin and altcoins crashed earlier this week. However, long-term investors' continuing sales of Ethereum ICO holdings indicate that they are losing faith in the asset class as a whole.
In addition, institutional investors are favoring BTC over ETH due to the present market uncertainty, which has resulted in dull total flows into spot Ethereum ETFs.
