‘Welcome to Pain’ – Analyst Benjamin Cowen Says Ethereum Mirroring 2019 Market Cycle’s Playbook
Analyst Benjamin Cowen suggests that Ethereum (ETH) may face significant challenges before a recovery, similar to its 2019 market cycle. He believes a shift in monetary policy is necessary for ETH's performance against Bitcoin (BTC) to improve. Cowen highlights that ETH's current price points are approximately 10 times higher than in 2019, with ETH trading at $1,907, down over 1% in the last 24 hours.
A popular crypto analyst thinks Ethereum (ETH) will have to endure some “pain” before rebounding.
In a new YouTube video, Benjamin Cowen tells his 886,000 subscribers that there probably needs to be a change in monetary policy in order for ETH’s chart against Bitcoin (BTC) to bottom.
Cowen notes that ETH fell below its support level against the US dollar in 2019 right before the Federal Reserve ended quantitative tightening.
The analyst says that everything that happened in the previous cycle is “basically happening this cycle, it’s just taking place on a longer timeframe.” Cowen also notes that most of the price points of the current cycle are roughly 10x what they were in the 2019 market.
ETH is trading at $1,907 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
