Analyst Benjamin Cowen says it is highly likely that Ethereum (ETH) is preparing for a major breakout after almost a year of sideways accumulation.

Benjamin Cowen – Analyst

In a new strategy session, Cowen to say The $2,000-$4,000 price range is a large accumulation zone to seek higher Ethereum prices.

“It looks like Ethereum is finally breaking out of the extended $2,000-$4,000 accumulation zone. In my opinion, between $2,000 and $4,000 is the zone of reaccumulation. If Ethereum breaks out of this zone and moves higher, things could get even crazier. There is no guarantee that it will return to those prices if the price goes up.

Ethereum can do that, but whenever it breaks out from here, it never reaches those prices.”

Cowen offers a scenario where Ethereum manages to break out of its current sideways market structure in June or July of this year before embarking on a parabolic rally and eventually ending in a market crash. The bear market is back in the current accumulation zone.

“If Ethereum breaks out of this downtrend, say in the summer, and goes back to the previous all-time high (ATH), then it breaks out and starts trending higher, maybe going to $7k-8k and then sideways for half a year…

If Ethereum breaks out to some sort of top in such a final market cycle, then maybe that downtrend will end somewhere below the potential accumulation range… That will happen if what happened last time repeats itself.”

Credit: Benjamin Cowen/YouTube

At the time of writing, Ethereum is trading at $3,071, up 9.9% over the past week, but still more than 37% below its ATH.

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