Cowen analyzes Ethereum’s recent price action, comparing it to past market cycles and even Tesla stock, and warns that ETH could still drop further before any real upside.
Cowen’s Outlook – Key Points
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ETH is following old patterns – ETH often bleeds against BTC after hitting a high. This cycle, it already dropped from $4,900 to $2,900 and could go lower.
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$2,900 is the key support – If ETH breaks below this, Cowen sees $2,100 as the next major level based on past cycles and Tesla-like price behavior.
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ETHBTC will likely keep dropping – Cowen expects ETH to underperform Bitcoin into early December, echoing a pattern seen in multiple previous cycles.
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Bitcoin must bounce first – ETHUSD depends on BTC holding above $90K. If BTC drops further, ETH could easily slip below $2,900.
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Tesla comparison – ETH is mirroring Tesla’s 2022-2023 path: big drop, higher low, then eventual rally. But it’s not guaranteed ETH will follow the same script.
Final Takeaway
Ethereum is in a rough patch. Until Bitcoin finds its footing, ETH is likely to underperform. Cowen suggests Bitcoin is the better hold for the next few weeks.
