A closely followed crypto analyst says there's a good chance Ethereum (ETH) could finally capitulate in the coming weeks.

In a new strategy session, crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a pattern that saw Ethereum bottom out in the fourth quarter, he expects ETH to fall to its logarithmic trendline, possibly by to $1,000.

“When I look at the cycle, I see ETH at $2,400 and I just think there's a very good chance that in a few months, probably less than two months, we'll look back at this and see that Ethereum is finally gone .” home and it took until the fourth quarter of 2024 for this to happen…

In 2016, you can see that Ethereum finally entered the lower logarithmic correction trend line in practically early to mid-November. In 2019, it rose in August, but then rose above it again and then didn't really stay in it permanently until late September and October.

This time it was already marked in August, similar to 2019. If you look at 2019, it went down in August, you can see that it went down, it marked it in August, there was a little recovery and I think it’s on the verge of decline.”

Cowen says that similar to 2019, Ethereum's rallies this year lack the power to reach new all-time highs.

“What do you notice when you look at it this time?” It's not about hitting the 20-week SMA (simple moving average), as it wasn't the case in 2019. Every single move higher is just a rejection from the 21-week EMA (exponential moving average). It doesn’t even have the strength to reach the 20-week SMA, which is exactly what happened in 2019 just before Ethereum capitulated in mid-November, and that’s why I make no apology for my views.”

Ethereum is trading at $2,446 at the time of writing, down 3% on the day.

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