Here’s Why Ethereum (ETH) Is Underperforming This Market Cycle, According to Analyst Benjamin Cowen

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Is Ethereum Following its 2019 Cycle? Analyst Benjamin Cowen Thinks So

Renowned crypto analyst Benjamin Cowen believes that Ethereum (ETH) is currently following a trajectory similar to its 2019 cycle. In a recent video on his YouTube channel, which boasts 891,000 subscribers, Cowen points out that ETH’s recent price movements bear a striking resemblance to a 10x reflection of its performance from six years ago.

In the video, Cowen explains, “Ethereum’s going through the same structure that it went through in 2019, but the reason why the cycle feels so different is because it has taken place over a much longer period of time. But there’s a reason why it’s taking place over a much longer period of time, and the reason is that quantitative tightening has lasted a lot longer. Remember last cycle, QT ended in the pre-halving year. We’re now not that far from being halfway through the post-halving year and QT still hasn’t ended, but it probably will within the next few months.”

Quantitative tightening (QT) refers to the process where central banks reduce their budgets to decrease the amount of money in circulation in the economy, typically done as a measure to combat inflation.

Cowen also references a document from a Federal Open Market Committee meeting held in January, which hints at the possibility of the U.S. Federal Reserve ending QT by mid-2025.

As of the time of writing, Ethereum is trading at $1,652 and has seen an impressive surge of nearly 12% in the past 24 hours, solidifying its position as the second-largest cryptocurrency by market capitalization.

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