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Crypto analyst Benjamin Cowen says Ethereum (CRYPTO: ETH) is setting up for one final rally before the cycle ends, predicting that ETH will form a macro higher low against Bitcoin (CRYPTO: BTC) in early December.
What Happened: Despite Ethereum's recent correction to $3,058, Cowen remains confident in his long-term outlook, which previously called for ETH/BTC to rally from April's bottom before getting rejected in August.
He noted that Ethereum historically bottoms against Bitcoin in December, citing cycle lows from 2015, 2018, and 2020 as precedents.
Cowen compared Ethereum's current structure to Bitcoin's 2017 cycle (rally to $4,900 → correction to $3,000) and Tesla's pre-breakout pattern (rally to $490 → correction to $210 → new highs).
He observed that ETH's ongoing 11-week consolidation closely mirrors Tesla's setup before its breakout.
Also Read: Bitcoin, Ethereum Down 2% But Institutions Remain Bullish: Report
Why It Matters: Cowen acknowledged the loss of Ethereum's bull market support band (20–21-week EMAs) as a temporary concern but said the broader trend remains intact as long as Bitcoin holds its 50-week moving average.
A sustained BTC breakdown, however, would invalidate his bullish ETH thesis.
He expects altcoins to double bottom against Bitcoin in December, after which Ethereum could reclaim support and make one final surge to new all-time highs before the broader market rolls into its post-cycle regression phase through 2026.
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