A widely followed crypto analyst believes that Ethereum (ETH) and other altcoins are on the verge of a major market correction.
In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that Ethereum against Bitcoin (ETH/BTC) may be making one final move to the upside before a market capitulation.
“In order for confirmation of [bullishness], you would need to see ETH/Bitcoin get above its bull market support band and then start holding it as support. And if you don’t see that, then I still think it’s just going to be yet another lower high that everyone once again got excited about that ultimately resolved to the downside.”
The analyst also says ETH and alts may be repeating a similar pattern from the last cycle when the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum and stablecoins, suffered a severe correction against Bitcoin.
“Last cycle, the ETH/Bitcoin capitulation occurred, it finalized after alt/Bitcoin pairs broke down.
So one thing about this bounce is that alt/Bitcoin pairs have not yet broken down. They haven’t had a weekly close below their range low. So I think that you’re seeing something very similar with alt/Bitcoin pairs that you saw over here [in June 2019], one final rally up to the bull market support band – it didn’t even make it to the bull market support band back then – and then it came down. I think you’re seeing something like that happen once again with alt/Bitcoin pairs, one final push before capitulation down to the range lows this summer…
I think this is the final push before the final capitulation into the summer, as we get into potential rate cuts.”
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