Altcoins
Ethereum and Altcoin Capitulation Approaches Amid ‘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 tell its 800,000 YouTube subscribers that Ethereum against Bitcoin (ETH/BTC) could make one last upward move before a market capitulation.
“In order to obtain confirmation of [bullishness], you would need to see ETH/Bitcoin break out of 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 another lower high that gets everyone excited once again and ultimately resolves to the downside.
Source: Benjamin Cowen/X
The analyst also claims that ETH and altcoins could repeat a similar pattern to the previous cycle when the TOTAL3 chart, which tracks the market cap of all altcoins minus Ethereum and stablecoins, underwent a severe correction against Bitcoin .
“Last cycle, the ETH/Bitcoin capitulation took place, it was finalized after the alt/Bitcoin pairs broke up.
So one thing about this rebound is that the alt/Bitcoin pairs have not collapsed yet. They have not had a weekly close below their lowest range. So I think you’re seeing something very similar with the alt/Bitcoin pairs that you’ve seen here. [in June 2019], one final rally up to the bull market support band – it didn’t even reach the bull market support band at the time – and then it went back down. I think you see something like this happening once again with alt/Bitcoin pairs, one last push before capitulating to the lows of the range this summer…
I think this is the last push before the final capitulation before the summer as we approach possible rate cuts.
Source: Benjamin Cowen/YouTube
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