Crypto analyst Benjamin Cowen, who has a significant following on YouTube, is warning that Ethereum (ETH) and other altcoins are on the verge of a major market correction. In a recent video update, Cowen suggests that ETH against Bitcoin (ETH/BTC) may experience one final upward move before a market capitulation.
Cowen explains that in order for bullishness to be confirmed, ETH/BTC would need to surpass its bull market support band and hold it as support. If this confirmation does not occur, Cowen believes that it will result in another lower high, similar to previous instances where excitement led to a downward resolution.
Additionally, Cowen notes that ETH and altcoins may be following a similar pattern from the last market cycle. He points out that during the last cycle, the ETH/BTC capitulation occurred after alt/BTC pairs experienced a breakdown. However, this time around, alt/BTC pairs have not yet broken down and have not closed below their range low on a weekly basis. Cowen suggests that this could indicate a final rally before a potential market capitulation down to the range lows this summer, coinciding with potential rate cuts.
It is important to note that Cowen’s predictions are his opinions and should not be taken as investment advice. Investors are urged to conduct their own research and due diligence before making any high-risk investments in crypto assets. As with any investment, there are risks involved, and losses incurred are the responsibility of the individual. The Daily Hodl, where this article originated, does not endorse the buying or selling of cryptocurrencies and is not an investment advisor.
