In this video, Benjamin Cowen explains why Ethereum’s early-2026 price action looks more like the 2019 post-bear-market phase than the start of a new bull run.
Key points
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In 2019, after peaking in 2018, Ethereum saw several relief rallies that failed at resistance, slowly trending lower without market euphoria.
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Cowen argues today’s setup is similar: Ethereum is bouncing, but sentiment remains muted and conviction is weak.
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The bull market support band is currently around $3,400–$3,700 and is acting as a key resistance zone.
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The next one to two months are critical; failure to reclaim this range likely leads to a gradual decline through 2026.
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Weakness in the ETH/BTC ratio limits the odds of sustained upside in USD terms.
Brief takeaway
Cowen’s view is that Ethereum may be repeating the 2019 pattern: convincing rallies that fade, followed by better long-term opportunities later rather than immediate new highs.
