Ethereum

Bitcoin

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 <p>A widely followed crypto analyst believes that Ethereum (ETH) and other altcoins are on the verge of a major market correction.</p>
 <p>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.</p>
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 <p><em>“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.”</em></p>
 <figure id="attachment_286770" aria-describedby="caption-attachment-286770" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-286770 size-full" src="https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp" alt="" width="1896" height="1421" srcset="https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 1896w, https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp?resize=300,https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp?resize=768,https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp?resize=1024,https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp?resize=1536,https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 1536w, https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp?resize=750,https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 750w, https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp?resize=1140,https://cdn.thebittimes.com/images/2024/04/30/9fabc2012d5ac88a67be730faa0052d3.webp 1140w" sizes="(max-width: 1896px) 100vw, 1896px">
  <figcaption id="caption-attachment-286770" class="wp-caption-text">
   Source: Benjamin Cowen/X
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 <p>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.</p>
 <p><em>“Last cycle, the ETH/Bitcoin capitulation occurred, it finalized after alt/Bitcoin pairs broke down. </em></p>
 <p><em>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… </em></p>
 <p><em>I think this is the final push before the final capitulation into the summer, as we get into potential rate cuts.”</em></p>
 <figure id="attachment_286824" aria-describedby="caption-attachment-286824" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-286824 size-full" src="https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp" alt="" width="1894" height="1431" srcset="https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 1894w, https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp?resize=300,https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp?resize=768,https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp?resize=1024,https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp?resize=1536,https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 1536w, https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp?resize=750,https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 750w, https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp?resize=1140,https://cdn.thebittimes.com/images/2024/04/30/d1ddf704ac9d643dd3563e7d94601fb3.webp 1140w" sizes="(max-width: 1894px) 100vw, 1894px">
  <figcaption id="caption-attachment-286824" class="wp-caption-text">
   Source: Benjamin Cowen/YouTube
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-and-altcoin-capitulation-approaching-amid-one-final-push-analyst-benjamin-cowen-tbt86988.html">https://thebittimes.com/ethereum-and-altcoin-capitulation-approaching-amid-one-final-push-analyst-benjamin-cowen-tbt86988.html</a></p>

Ethereum and Altcoin Capitulation Approaching Amid ‘One Final Push’: Analyst Benjamin Cowen

TheBitTimes

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