The closely followed analysts who called the Crypto Bull Market’s focus on Bitcoin (BTC) think it’s time for Ethereum (ETH) to shine.
In November 2024, analyst Benjamin Cowen predicted that Ethereum would either “go home” based on historical patterns or would stop by its log growth trendline.
In April this year, Ethereum fell to around $1,550, urging Cowen to declare that ETH was home.
Source: Benjamin Cowen/X
Now, Cowen says Ethereum gatherings will be partially fueled by capital turnover from Altcoins to ETH.
“If you buy an ETH when you get home and feel like you’re missing out on an Alt rallies, think about this.
Since ETH returned home, the collective Altcoin market for ETH has declined by 40%.
we:
“Yes, your alt has risen, but will you bleed during the cycle stage…
If Alts bleed to BTC, it will become BTC via alts.
When alts bleed to ETH, it becomes ETH beyond alt.
It’s not that complicated. ”
Source: Benjamin Cowen/X
Analysts also believe that Ethereum has a solid shot in the newest ever printing, as it draws out resistance levels that have remained bearish since December 2021.
“ETH is back home so the next time it reaches $4,000, it could actually break through. One way this cycle feels more complete is for ETH to gather at new highs over the next six months.”
Source: Benjamin Cowen/X
At the time of writing, Ethereum is worth $3,725.
Generated image: dalle3