Analyst: The current situation of ETH is similar to that of 2019, and a change in Federal Reserve policy is needed for a bottoming rebound

ChainCatcher news, analyst Benjamin Cowen stated in his latest report to subscribers that the current situation of ETH is similar to that of 2019, and a change in the Federal Reserve's monetary policy may be needed for the ETH/BTC exchange rate to bottom out and rebound.

Cowen noted that in 2019, the price of ETH fell below its support level just before the Federal Reserve ended its quantitative tightening policy. People found it very difficult to make money during this cycle because the monetary policy had not changed. In the previous cycle, the market witnessed a shift in monetary policy a year before the halving. We are currently in the year following the halving, but the quantitative tightening policy has still not changed. The Federal Reserve has only slightly reduced the scale and slowed down the pace, but has never truly stopped.