Into the Cryptoverse founder Benjamin Cowen has renewed his bold predictions for Ethereum (ETH) as the market recovers from last week’s sell-off. He said the plunge to $3,448 on October 11, 2025 was a healthy retest within the bullish structure that currently sets ETH up for a new all-time high.
Cowen noted that on the weekly chart, ETH retested the bullish rally band in the same way it did before the big breakout in previous cycles. He believes this pattern will support a move towards $5,300 if buyers see momentum above the key resistance zone.
Source: To Cryptoverse
Why is Cowen so bullish on Ethereum price now?
Cowen compared the current market to the 2016-2017 cycle, which lasted 1,473 days. He noted that the ongoing 2024-2025 cycle has lasted 1,433 days, leaving room for further upside if the timeline repeats. He also highlighted the rebound from the daily logarithmic support trend of the ETH/BTC pair after last week’s capitulation, calling it a sign of strength and a return to altcoins.
Related: President Trump’s tariffs caused $19 billion in crypto liquidations in 24 hours
According to Cowen, the recent capitulation of ETH was not caused by tariff uncertainty, but rather by a broader market reset amidst a macro-bullish structure that is forming. He believes this reset helped flush out excess leverage and create a new zone of accumulation.
Source: To Cryptoverse
Risk and impact of BTC
According to Cowen, crypto traders should closely monitor Bitcoin’s performance in the coming weeks to better understand the prospects for altcoins. Cowen said his macro bullish scenario will be invalidated if the BTC/USD pair consistently closes below its 50-week moving average (MA).
Source: To Cryptoverse
Nevertheless, a macro-bullish crypto outlook has an edge based on the fact that gold has risen parabolically since August and capital rotation could begin soon.
Market reaction and whale activity
The market reversed on Monday as short traders gained momentum following the historic liquidation that hit long traders last week.
According to CoinGlass data, more than $618 million was liquidated in 24 hours, including $412 million from short positions. This liquidation caused a 10% rebound, and ETH rose to around $4,198 at the time of writing.
The large-cap altcoin has a fully diluted valuation of around $506 billion and is benefiting from a renewed wave of buy-in-the-moment activity, especially from whale investors.
Lookonchain’s on-chain data reveals that institutional investor BitMine purchased approximately 128,000 ETH worth approximately $480 million through FalconX and Kraken over the weekend. The whale purchases support the “buy on the buy” narrative as large holders increase their exposure to ETH ahead of a potential breakout.
Related: Ethereum Price Prediction: Analysts Eye $4,250 Recovery as BitMine Accumulates $480 Million
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