Benjamin Cowen reviews Ethereum’s latest pullback and whether the altcoin still has one more push left in this cycle. Despite a deeper drop than expected, he remains cautiously optimistic that ETH could recover into December – but warns the next rally might be its last before a broader market correction.
Cowen’s Outlook – Key Points
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ETH Still Bleeding Against BTC – Ethereum has gained against the dollar but continues to weaken versus Bitcoin, which Cowen says is typical before ETH bottoms.
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December Could Mark a Turning Point – Historically, ETH often finds a macro low against BTC in December. Cowen expects a similar setup this year before another potential rally.
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Bull Market Support Lost – ETH has dropped below its bull market support band, making him uneasy but not fully bearish unless BTC closes below its 50-week moving average.
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Tesla Comparison – He compares ETH’s pattern to Tesla’s past price action, suggesting a similar consolidation phase before a possible recovery.
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Final Rally Before the Drop – If ETH manages to reclaim support and rally again, Cowen believes it would likely mark the final move up before a 2026 regression phase.
Final Takeaway
Cowen stays cautiously bullish on Ethereum, expecting a possible December bounce and one last rally – but warns this may be the cycle’s final act before a larger correction.
