A widely followed crypto analyst believes that Ethereum (ETH<\/a>) and other altcoins are on the verge of a major market correction.<\/p>\n In a new video update, crypto strategist Benjamin Cowen tells<\/a> his 800,000 YouTube subscribers that Ethereum against Bitcoin (ETH\/BTC<\/a>) may be making one final move to the upside before a market capitulation.<\/p>\n \u201cIn order for confirmation of [bullishness], you would need to see ETH\/Bitcoin get above its bull market support band and then start holding it as support. And if you don\u2019t see that, then I still think it\u2019s just going to be yet another lower high that everyone once again got excited about that ultimately resolved to the downside.\u201d<\/em><\/p>\n The analyst also says ETH and alts may be repeating a similar pattern from the last cycle when the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum and stablecoins, suffered a severe correction against Bitcoin.<\/p>\n \u201cLast cycle, the ETH\/Bitcoin capitulation occurred, it finalized after alt\/Bitcoin pairs broke down. <\/em><\/p>\n So one thing about this bounce is that alt\/Bitcoin pairs have not yet broken down. They haven\u2019t had a weekly close below their range low. So I think that you\u2019re seeing something very similar with alt\/Bitcoin pairs that you saw over here [in June 2019], one final rally up to the bull market support band \u2013 it didn\u2019t even make it to the bull market support band back then \u2013 and then it came down. I think you\u2019re seeing something like that happen once again with alt\/Bitcoin pairs, one final push before capitulation down to the range lows this summer\u2026 <\/em><\/p>\n I think this is the final push before the final capitulation into the summer, as we get into potential rate cuts.\u201d<\/em><\/p>\n![\"\"](\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2024\/04\/cowen2_c97da4.jpg\")