Internet reports that cryptocurrency analyst Benjamin Cowen recently said that Ethereum (ETH) will have to go through a "painful period" before it rebounds, and its current trend is repeating the pattern of the 2019 market cycle. Cowen explained to his 886,000 subscribers in a newly released YouTube video: "The ETH/BTC price pair requires monetary policy changes to bottom out, and to achieve monetary policy changes, pain must be experienced. Welcome to the period of pain, which is the ultimate necessity of pain. Looking back at the previous cycle (2019), ETH/BTC reached bottom after ETH/USD fell below the support level." Cowen pointed out that the time point when Ethereum fell below the support level against the US dollar in 2019 was just before the Federal Reserve ended quantitative tightening. He believes that what happened in the previous cycle is "basically repeating itself in this cycle, only over a longer period of time," and that most price points in the current cycle are about 10 times higher than the market in 2019. "The reason why people have difficulty managing this cycle and feel so different is that monetary policy has never changed during this cycle. In the last cycle, we saw a change in monetary policy the year before the halving. We are now one year after halving, but we have not yet seen a change in quantitative tightening policies. They have scaled back a little, slowed down, but never really stopped."