A closely followed analyst who accurately called that the crypto bull market will be focused on Bitcoin (BTC) now believes that it’s time for Ethereum (ETH) to shine.
In November of 2024, analyst Benjamin Cowen predicted that Ethereum would “come home” or drop to its logarithmic growth trendline based on historical patterns.
In April of this year, Ethereum fell to around $1,550, prompting Cowen to declare that ETH had come home.
Source: Benjamin Cowen/X
Now, Cowen says that Ethereum rallies will be partly fueled by capital rotation from altcoins to ETH.
“If you bought ETH when it went home and feel like you are missing out on ALT rallies, consider this:
The collective altcoin market is down 40% against ETH since ETH went home.
We are at the:
‘Yes your alt went up, but does it bleed against Ethereum’ phase of the cycle…
When ALTs bleed to BTC, be in BTC over ALTs.
When ALTs bleed to ETH, be in ETH over ALTs.
It’s not that complicated.”
Source: Benjamin Cowen/X
The analyst also believes that Ethereum has a solid shot at printing new all-time highs once it takes out a resistance level that has kept the market bearish since December 2021.
“Since ETH went home, the next time it reaches $4,000, there is a good chance it actually breaks through. One way for this cycle to feel more complete is for ETH to rally to new highs sometime over the next half-year.”
Source: Benjamin Cowen/X
At time of writing, Ethereum is worth $3,725.
Generated Image: DALLE3
