Ethereum at $4,000: Experts Anticipate Last Rally!

Ethereum (CRYPTO: ETH) is trading at around $4,000, while analyst Benjamin Cowen expressed that he expects one last rally towards new all-time highs before a projected market decline in 2026.

In his latest podcast, Cowen noted that Ethereum's current price action is in a "suspect speculation phase" and aligns with the cycle framework. ETH is entering a recovery phase after showing a decline from the macro high to lower levels.

The analyst emphasized that April 2025 is a significant turning point; after this date, ETH showed recovery following a period of high interest rates and quantitative tightening.

Cowen stated that the ETH/BTC ratio is a key indicator of the altcoin season. The ETH/BTC ratio peaked in mid-August 2025 at ETH's all-time high and typically weakens from September to October, followed by a surge in November. This situation is reminiscent of 2017.

What is next?: Cowen mentioned that Ethereum has retested its 20/21 week moving average (~$3,800), indicating approximately a 30% correction. He expects a recovery towards new highs, but this could be the final rally of the cycle. Cowen noted that a potential decline for ETH/BTC could be in the range of 0.031–0.034, followed by a recovery towards ~0.053. He added that a failure below the support bands of the bull market would invalidate his optimism.

He reminded that Bitcoin dominance could rise to around 63–64%, which could keep ETH weak in 2024, while signaling that a reversal could occur in the last quarter.