Ben Cowen: Ethereum Season Is Here | How Far Can ETH Go?
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If all are down 44% against Ethereum since April, what else do you call it other than Ethereum season? Right? I mean, every basically, in crypto, including Bitcoin, since April has been bleeding to Ethereum. At the current time, Ethereum's giving better risk adjusted returns than altcoins. Because by being an Ethereum, it's basically giving you the upside that an altcoin might get, but it's also protecting you from the downside risk.
BakeFest Nation, we got Ben Cowan back on the podcast today. We had him on a year ago to talk about the downtrend of ETHBTC. Six months later, sick also six months ago, we had Ben back on to talk about how ETHBTC was about to go home. And then today, I think we are here to complete that journey to talk about the rise of ETHBTC and where Ben thinks it's going after it went home. Ben, welcome back to Bankless.
Thanks for having me here. It's been it's been a crazy journey for Ethereum over the last few years.
Yeah. Okay. So you are famous for calling for ETH to go home. You've you said it for years. First, ETH was going home, and then I think you'll agree, Ethan went home, which I think now begs the question. Now that ETH has gone home, if you if you do think that it has completed his journey home, where is Heath going now that it's gone home?
I mean, I so I my base case now is that it's on its journey to all time highs. I feel satisfied, right, with it having gone home. That was kind of why I was always kind of, like, against the idea of Ethereum breaking to new highs in prior years. And and one of the things, you know, we have to obviously talk about, right, is the the the because ETH went home, it allowed, in my opinion, it allowed ETH Bitcoin to bottom. Right? And that's like, that's the bigger story. Right? Because I mean, ETH USD going up is great. Right? We all love to see ETH USD grow up go up. But if it's lagging Bitcoin, t
So the the US dollar price of ETH has been higher in the not distant past, and this happened after the all time the all time high price for ETH was, like, 4,800, 4,900 in '20, '21 2021. And it's it's touched 4,100 at the start of 2024 and, like, March 2024. It's touched 4,000 just, again, in December 2024. So in terms of the dollar price, the ETH dollar price has been higher. But I think what you're saying is though it touched 4,000 and above under a paradigm of Bitcoin strength and Bitcoin momentum, and and it and it wasn't able to capture new dollar highs. Ether wasn't able to capture new do
I think there are a lot of holders that maybe didn't really believe in it, and and you kinda saw a lot of people capitulating back in, you know, February, March, and April, which is, you know, that's around the time, like, when it's dropping into its regression, and that's when those people capitulate. So I kinda feel like the regression band itself kinda it kinda shows you, like, when it's down there, then you've kinda you've finally gotten rid of the people that are going to sell, you know, if prices doesn't go their way for, you know, some period of time. Right? They you know, they're not t
I'm I'm loving this so far. Yeah. I'm tracking.
Yeah. But look at this. You see this East Bitcoin low right here and this pullback? So the the the low in April by East on its Bitcoin pair was it was lower in April than in June. Right? So June was a higher low. But if you look at Altcoins, the June low was a lower low compared to where it was in
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