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- Cowen diagnosed, "If Bitcoin has entered a true bear market, it would be practically very difficult for Ethereum to rise alone."
- Cowen warned that even if Ethereum recovers the all-time high of 4878 dollars recorded last August, it is likely to be a bull trap rather than a trend reversal.
- He evaluated, "The remaining altcoins are already finished for this cycle, and coins that failed to surpass their previous highs will find it difficult to rebound going forward."
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
A pessimistic outlook has been raised that next year it will be difficult for Ethereum (ETH) to break past its previous high and reach a new peak. This is the analysis that, in a situation where Bitcoin appears to have entered a bear market, it will be difficult to expect an independent rise of Ethereum alone.
Cryptocurrency analyst Benjamin Cowen appeared on the Bankless podcast on the 23rd (local time) and said, "If Bitcoin has entered a true bear market, it would be practically very difficult for Ethereum to rise on its own."
Cowen warned that even if Ethereum were to recover the all-time high of 4878 dollars recorded last August, it is likely to be a 'bull trap (Bull Trap·deceptive rise)' rather than a trend reversal. He predicted, "The scenario in which Ethereum soars near the previous high and then sharply falls again to around 2000 dollars is likely."
On the 26th, based on the Binance Tether (USDT) market, Ethereum is trading around 2973 dollars, up about 1.1% from the previous day. To recover the previous high of 4878 dollars, an increase of over about 40% from the current price is required.
Cowen also expressed a skeptical view about altcoins in general. He said, "Ethereum is the only altcoin that might set a new all-time high in this cycle," and evaluated, "The remaining altcoins are already finished for this cycle, and coins that failed to surpass their previous highs will find it difficult to rebound going forward."
