Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is mimicking its 2019 cycle.

In a new YouTube video, Cowen tells his 891,000 subscribers that ETH’s recent price points look like a 10x reflection of what it tracked six years ago.

“Ethereum’s going through the same structure that it went through in 2019, but the reason why the cycle feels so different is because it has taken place over a much longer period of time. But there’s a reason why it’s taking place over a much longer period of time, and the reason is that quantitative tightening has lasted a lot longer. Remember last cycle, QT ended in the pre-halving year. We’re now not that far from being halfway through the post-halving year and QT still hasn’t ended, but it probably will within the next few months.” 

Quantitative tightening (QT) is when central banks shrink their budgets to reduce the amount of money circulation in the economy as a means of countering inflation.

Cowen says a document summarizing a Federal Open Market Committee meeting in January suggests the U.S. Federal Reserve might end QT by mid-2025.

Ethereum is trading at $1,652 at time of writing. The second-ranked crypto asset by market cap is up nearly 12% in the past 24 hours.

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