Crypto strategist Benjamin Cowen, who has a large following on YouTube, believes that Ethereum (ETH) and other altcoins are on the brink of experiencing a significant market correction. In a recent video, Cowen shared his thoughts with his 800,000 subscribers, suggesting that Ethereum against Bitcoin (ETH/BTC) might make one final upward move before a market capitulation.

Cowen emphasizes that in order to confirm bullishness, it is crucial for ETH/Bitcoin to surpass its bull market support band and maintain it as support. If this does not happen, Cowen believes that it will simply be another lower high that generates excitement but ultimately leads to a downward resolution.

Additionally, Cowen points out that ETH and altcoins may be following a similar pattern to the previous cycle. During the last cycle, the ETH/Bitcoin capitulation occurred after alt/Bitcoin pairs experienced a breakdown. However, Cowen notes that alt/Bitcoin pairs have not yet broken down this time around, as they have not closed below their range low on a weekly basis. He suggests that this could indicate a final rally up to the bull market support band, similar to what was observed in June 2019, before a subsequent capitulation down to the range lows this summer.

Cowen also mentions the potential impact of rate cuts as we approach the summer months. He believes that this final push before the anticipated capitulation could coincide with potential rate cuts, further influencing market dynamics.

In conclusion, Cowen predicts that Ethereum and altcoins are on the verge of a major correction, with a final push before a summer capitulation. However, it is important to note that his opinions are not investment advice, and investors should conduct their own research and exercise caution when making high-risk investments in the crypto market.