Ethereum's Next All-Time High: Cowen Predicts Imminent Correction After BOJ Rate Hike

Crypto analyst Benjamin Cowen has predicted that Ethereum (ETH) could reach new all-time highs after a potential imminent correction. In a recent strategy session, Cowen highlighted a correlation between the Bank of Japan's (BOJ) interest rate hikes and Ethereum's price movements.

Cowen observed that the BOJ raised interest rates in March and July of 2024, and again this month. Following the first two rate hikes, Ethereum experienced volatile corrections in April and August. Cowen suggests that the BOJ's most recent rate hike could trigger another short-term dip in Ethereum's price.

However, Cowen believes that if such a correction were to occur, it would likely be the last major drop before Ethereum runs to new all-time highs. He noted that the BOJ's rate hikes in March and July were followed by market drops, and he wonders if the same pattern will repeat after the latest hike.

At the time of writing, Ethereum is trading at $3,167. Cowen's analysis suggests that if Ethereum falls below its bull market support band, it could be entering its final drop before reaching new all-time highs. Despite the potential for a correction, Cowen remains optimistic about Ethereum's long-term prospects.