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The king of altcoins, Ethereum, saw its price exceed $4,000 last month but failed to maintain this level. This was followed by a sharp decline, with the price falling to unexpected levels. A concerning comment has emerged from renowned crypto analyst Benjamin Cowen, who believes Ethereum is in the midst of a recovery process.
Analyst’s Comments on Ethereum
Renowned crypto analyst Benjamin Cowen has warned that Ethereum could witness a significant crash similar to that of 2019. In a new video, Cowen pointed out that the current situation of Ethereum resembles that of mid-2019 and suggested that the king of altcoins might experience a notable pullback.
Cowen also noted that the drop in interest rates in 2019 coincided with a price correction in ETH. With the Federal Reserve possibly lowering interest rates again later this year, the analyst hints that a scenario similar to the past could unfold.
We will see how Ethereum plays out here, whether it continues to mimic a larger version of its 2019 pattern, does something completely different… Many people don’t like my comparison to 2019 because it went up, it lasted much longer, but still, ETH/BTC kept falling and the Fed hasn’t turned around yet, so why assume it won’t follow the same path? Nothing has changed, right? It’s still losing against Bitcoin, the Fed hasn’t cut rates yet, and the peak of the last cycle was the turning point for it.
What’s the Current Price of Ethereum?
Cowen mentioned that if Ethereum repeats its 2019 correction, it could enter a few months of stagnation before the Federal Reserve starts quantitative easing (QE) and the crypto markets potentially rebound towards the end of 2024.
If you’re struggling with this – a six to nine-month market stagnation – the fascinating thing is, what happens if you adjust everything by about three-quarters? After a quarter period, QE (quantitative easing) comes back towards the end of the year and a new bull market starts – maybe that’s what happens.
At the time this article was written, Ethereum continues to trade at $3,432 after a 5% drop within the day.
