Analyst Benjamin Cowen is warning that altcoins could correct even further based on historic precedence.

In a new video, Cowen tells the 804,000 subscribers of his YouTube channel that the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, may be repeating a similar 2019 pattern.

“You can see that in 2019 [altcoins] put in this low and then a high. Same thing right here [in 2024], a low, and then a high. And then they bled back down back to this low, and then they ended up holding it for a few weeks. So there’s a good chance you’re going to see something like that happen again with the altcoin market, where it bleeds back down to like $440 billion to $450 billion, tries to hold it and tries to figure out if the Fed has engineered a soft landing or if, in fact, it is a hard landing.”

Source: Benjamin Cowen/YouTube

The Total3 market cap is valued at $520 billion at time of writing.

Cowen also warns that ETH is forming a similar bearish pattern to 2019, which led to a broader altcoin market decline.

“You could get something where [ETH] sort of just bounces around and then slowly makes its way down to the trend line again [at around $1,980]. I could see something like that happening… Last cycle, ETH/USD fell back into that wedge after ETH/Bitcoin broke down, and we’re seeing the same thing play out.”

Source: Benjamin Cowen/YouTube

Ethereum is trading for $2,508 at time of writing, down more than 11% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/eliahinsomnia/Andy Chipus/Vladimir Sazonov

The post Massive Ethereum and Altcoin Collapse Likely Underway As Repeat of 2019 Unfolds: Benjamin Cowen appeared first on The Daily Hodl.