tl;dr
Analyst Benjamin Cowen, who predicted Bitcoin's crypto bull market, now focuses on Ethereum. He forecasted in November 2024 that Ethereum would drop to its logarithmic growth trendline, which occurred by April at around $1,550. Cowen expects future Ethereum rallies to be driven by capital shifting f...
A closely followed analyst, Benjamin Cowen, who accurately predicted the crypto bull market's focus on Bitcoin (BTC), now believes it's Ethereum's (ETH) turn to shine. In November 2024, Cowen forecasted that Ethereum would "come home," meaning a drop to its logarithmic growth trendline based on historical trends. By April, Ethereum fell to around $1,550, confirming Cowen’s prediction that ETH had indeed "come home."
Building on this, Cowen suggests that future Ethereum rallies will be driven in part by capital rotation from altcoins to ETH. He highlights that since ETH came home, the collective altcoin market has declined 40% against Ethereum. Cowen advises investors to consider whether their altcoins show strength relative to ETH before deciding where to allocate their funds. He simplifies the strategy: when altcoins weaken against Bitcoin, favor BTC; when they weaken against Ethereum, favor ETH.
The analyst also sees strong potential for Ethereum to set new all-time highs once it overcomes a significant resistance level that has weighed on its market since December 2021. Cowen believes that if ETH reaches $4,000, it has a good chance of breaking through this barrier, leading to a more complete bullish cycle with new highs possible within the next six months.