Crypto analyst Benjamin Cowen points out that Ethereum’s current market conditions resemble the cycle experienced in 2019. According to Cowen, Ethereum 
$3,139 may face significant challenges before the market can recover. He emphasizes that a major change in monetary policy is necessary for ETH prices to rise again.
Similarities with Ethereum’s 2019 Cycle
Benjamin Cowen expresses that Ethereum’s current situation bears signs similar to the market cycle of 2019. During that period, Ethereum experienced a serious decline after breaking the support level against the US dollar. Following that break, the market entered a new phase when the Federal Reserve ended its quantitative tightening policies, allowing Ethereum prices to rise again. Cowen attributes today’s uncertainties to unresolved monetary policy doubts, noting that the ongoing quantitative tightening is causing a delay in the expected turnaround for Ethereum prices.
The analyst indicates that Ethereum’s true bottom against Bitcoin 
$91,967 is also tied to a similar process. Cowen highlights that in order for Ethereum’s performance against Bitcoin to improve, a clearer shift in monetary policy is needed, urging investors to be prepared for this transition.
Conditions Necessary for Ethereum’s Rise
Cowen points out that it is significant for Ethereum’s current price levels to be nearly ten times higher than those of the previous cycle. However, he notes that holding prices at their current levels does not guarantee sustained market increases. To see sustainable price rises in Ethereum, Cowen asserts that a serious change in monetary policy is needed, underlining the critical importance of Federal Reserve policies.
The analyst stresses the importance of utilizing past experiences for investors to read market movements more accurately. Cowen advises that for Ethereum to re-enter a long-term upward trend, economic conditions and monetary policy must become clearer, calling for patience and caution from investors. Based on these analyses, Ethereum’s market performance in the near future will largely depend on central bank policies.
