Benjamin Cowen outlines the Ethereum outlook for the rest of 2023 – here’s why ETH could be in for a “brutal” recovery

Well-regarded crypto analyst Benjamin Cowen updates his Ethereum (ETH) outlook for the second half of the year as Bitcoin (BTC) hits $30,000.

In a new strategy session, Cowen tells his 785,000 YouTube subscribers that Ethereum may head lower before making new all-time highs.

He says Bitcoin is outperforming altcoins during the years when the crypto market is in a recovery phase. He also warns that if the king crypto moves lower, altcoins could collapse much faster.

“The recovery years can still be brutal for the altcoin market in general. So when we look at the time period, which is sort of the phase of the year we go up, the phase of the year we go down, we have to remember that bitcoin tends to outperform much of the altcoin’s during the rally. market surpass year.

I’m not really looking at ETH as an alternative, but just if you’re trying to think about how the altcoin market is going to fare in general relative to bitcoin, even if bitcoin falls, the altcoin market can still go down a lot, and it can go down faster than bitcoin.”

Cowen says he doesn’t think crypto markets will fully recover and set new all-time highs until the Federal Reserve stops raising interest rates to lower inflation and begins quantitative easing (QE), which is when , when the Fed injects liquidity into the markets, such as by buying bonds.

“So that’s just something I think people should think about when thinking about how Ethereum is likely to perform in the second half of the year. I suspect you will see one more move back down before you get a sustained move up.

The reality is that I don’t really see a sustained move to new highs until we get back into a period of QE. And by the time we get back to that point, I think those movements will eventually have faded. I know it’s pretty volatile. We’ve been bouncing back and forth between $1,000 and $2,000 quite a bit here over the past six months.

But it’s important to remember that the hype for the altcoin market can die down much faster for bitcoin than for bitcoin during the recovery year. And you can see that from the fact that the dominance of Bitcoin is slowly pushing upwards.”

Ethereum is trading at $1,896 at the time of writing, up 0.3% over the past 24 hours.

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