Ethereum (ETH) Price Action Echoes the Past—But on a New Timeline

Ethereum (ETH) may be echoing its past performance, and popular crypto analyst Benjamin Cowen believes the chart patterns don't lie.

In a recent YouTube update with his 891,000 subscribers, popular crypto analyst Benjamin Cowen dives into the eerie repetitions of Ethereum’s (ETH) price performance, and he thinks the chart patterns are highlighting a familiar script.

As macro trends are setting the stage for the next leg up, several market watchers are aligning with the view that could soon unlock the next leg of the bull market.

What Is Benjamin Cowen Observing in the Ethereum Charts?

Cowen says that Ethereum is going through the same structure that it went through in 2019, but the reason this cycle feels so different is because it’s stretched out over a much longer period of time.

He adds that the same chart patterns that we saw in 2019 are now playing out, but they’ve been slowed down by about a factor of 10.

According to the analyst, the reason for this slower timeframe is down to quantitative tightening (QT). Last time around, QT ended in the pre-halving year, but in this cycle, we’re already approaching the midpoint of the post-halving year, and QT is still going on.

However, the Federal Reserve could begin to wind down QT by mid-2025, which could quickly boost risk assets like cryptocurrencies.

At the time of writing, Ethereum is trading at $1,652, showing a 12% gain in the last 24 hours and sparking renewed bullish sentiment among investors.

As the second-largest crypto asset by market cap, ETH’s performance is closely watched by institutions and retail traders.