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

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.”

Source: Benjamin Cowen/X

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.

Source: Benjamin Cowen/YouTube