TechFlow news, on March 14, according to Daily Hodl, cryptocurrency analyst Benjamin Cowen recently stated that Ethereum (ETH) will have to go through a "painful period" before rebounding, as its current price movement is repeating the pattern of the 2019 market cycle.
In his latest YouTube video, Cowen explained to his 886,000 subscribers: "The ETH/BTC pair needs monetary policy changes to reach a bottom, and in order to achieve such policy shifts, pain must be experienced. Welcome to the painful period—this is ultimately necessary pain. Recall the previous cycle (2019), when ETH/BTC only bottomed after ETH/USD broke below key support levels."
Cowen pointed out that in 2019, Ethereum's price in USD broke below support just before the Federal Reserve ended its quantitative tightening. He believes that what happened in the last cycle is "basically replaying in this cycle, only over a longer timeframe," with most price levels in the current cycle being approximately ten times higher than those in the 2019 market.
"The reason people are struggling to navigate this cycle and feel it’s so different is that monetary policy has never changed in this cycle. In the prior cycle, we saw monetary policy shifts about a year before the halving. Now we’re already a year past the halving, yet we still haven’t seen a change in quantitative tightening policy. They’ve slightly reduced the pace, slowed down, but they’ve never truly stopped."
