Renowned crypto analyst Benjamin Cowen has shared his belief that Ethereum (ETH) and other alternative cryptocurrencies, known as altcoins, are on the brink of a significant market correction. In a recent video update, Cowen, who has a substantial following of 800,000 subscribers on YouTube, suggests that Ethereum against Bitcoin (ETH/BTC) may experience one final upward movement before a market capitulation occurs.

Cowen explains that for a confirmation of a bullish trend, it is necessary for ETH/Bitcoin to surpass its bull market support band and maintain it as support. If this does not happen, Cowen believes that it will simply result in another lower high, disappointing those who had become excited about the potential for growth, ultimately leading to a downward trend.

The analyst also draws attention to a potential repetition of a similar pattern from the previous cycle, where the TOTAL3 chart, which monitors the market capitalization of all altcoins except for Ethereum and stablecoins, underwent a significant correction against Bitcoin. Cowen notes that during the last cycle, the capitulation of ETH/Bitcoin occurred after alt/Bitcoin pairs experienced a breakdown.

However, Cowen highlights that alt/Bitcoin pairs have not yet experienced a breakdown in the current cycle. With no weekly close below their range low, he suggests that the current situation resembles the one observed in June 2019, where there was a final rally up to the bull market support band, followed by a decline. Cowen speculates that a similar occurrence is happening once again with alt/Bitcoin pairs, indicating a final push before the anticipated capitulation to the range lows this summer.

Additionally, Cowen suggests that the impending rate cuts in the market could further contribute to this final capitulation. He believes that this is the last surge before the ultimate downturn into summer, urging investors to exercise caution.

It should be noted that the opinions expressed by Cowen are not investment advice, and investors are advised to conduct their own research before engaging in high-risk investments in cryptocurrencies or digital assets.