Ethereum, the second-largest cryptocurrency by market cap, has been underperforming compared to other major cryptocurrencies, trading below its 20-week Simple Moving Average (SMA). According to crypto analyst Benjamin Cowen, ETH may soon close this gap.
With Bitcoin and other altcoins already hitting their bull market support bands, Cowen predicts this surge could be driven by expected rate cuts from the Federal Reserve.
If the Federal Reserve goes ahead with the anticipated rate cuts, it could potentially ignite a bullish rally for Ethereum, pushing its price towards the $3,000 mark as forecasted by the analyst.
