Crypto analyst Benjamin Cowen is sounding the alarm on Ethereum, predicting it could suffer a major correction similar to the one it experienced in mid-2019.
Parallels to 2019
Cowen points out that the current market conditions for Ethereum are eerily similar to those of 2019. Back then, a cut in interest rates by the Federal Reserve (Fed) coincided with a sharp decline in ETH’s price. With the Fed expected to start cutting rates again this year, Cowen believes a similar scenario could unfold.
Possible Correction
If Ethereum follows the pattern of 2019, Cowen anticipates a multi-month consolidation period before the Fed initiates quantitative easing (QE) and the crypto market recovers towards the end of 2024.
Shifted Timeline
However, Cowen also suggests that the timeline could be shifted by about three quarters, potentially leading to a bull market return by the end of 2023.
Ethereum’s Current Price
At the time of writing, Ethereum is trading at $3,530, down 2.28% on the day.
