Crypto analyst Benjamin Cowen believes Ethereum (ETH) and other altcoins are nearing a significant market downturn.
Ethereum’s Final Push
Cowen suggests that ETH may experience a brief upward surge before a sharp decline. He emphasizes that a sustained break above the bull market support band is crucial for confirming a bullish trend.
Altcoin Patterns
Cowen draws parallels between the current market and the previous cycle. He notes that altcoins have yet to break down against Bitcoin, mirroring a pattern observed in 2019. He anticipates a final rally before a capitulation to the range lows this summer.
Summer Capitulation
Cowen believes this is the final push before a summer capitulation. He cites potential rate cuts as a contributing factor to the expected downturn.
Disclaimer
The views expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies.
