- ETH fell 21% then rallied 10% after $480M whale buys and Cowen’s ATH call.
- $480M whale buying and ETH/BTC rebound signal cycle reset toward $5,300.
- Cowen links ETH’s $3,448 dip to a healthy reset before a new high.
Benjamin Cowen, founder of Into The Cryptoverse, renewed a bold forecast for Ethereum (ETH) as the market rebounded from last week’s sell-off. He said the sharp drop to $3,448 on October 11, 2025, was a healthy retest within the bull structure that now sets up ETH for a run toward a new all-time high.
On the weekly chart, Cowen noted that ETH has retested its bull rally band in the same way it did before major breakouts in previous cycles. He believes this pattern supports a move toward $5,300 once buyers confirm momentum above key resistance zones.
Why is Cowen Bullish on Ethereum Price Now?
Cowen compared the current market to the 2016 to 2017 cycle, which lasted 1,473 days. He pointed out that the ongoing 2024 to 2025 cycle has run 1,433 days, leaving room for more upside if the timeline repeats. He also highlighted the ETH/BTC pair’s rebound from its daily logarithmic support trend after last week’s capitulation, calling it a sign of strength and rotation back into altcoins.
Related: Trump Tariffs Spark $19 Billion Crypto Liquidations in 24 Hours
According to Cowen, the recent ETH capitulation was not driven by tariff uncertainty but by a broader market reset within a forming macro bull structure. He believes that this reset helped flush out excess leverage and created a new accumulation zone.
Risks and BTC’s Influence
According to Cowen, crypto traders should closely monitor Bitcoin’s performance in the coming weeks as it will offer a better understanding of the altcoin’s outlook. Cowen stated that his macro bull scenario will be invalidated if the BTC/USD pair consistently closes below the 50-weekly Moving Average (MA).
Nonetheless, the macro bullish crypto outlook has the upper ground based on the fact that Gold has been in a parabolic rally since August and capital rotation could kickstart soon.
Market Reaction and Whale Activity
Following the historic liquidations that hit long traders last week, the market flipped on Monday as shorts were rekt.
Data from CoinGlass, showed more than $618 million in liquidations over 24 hours, including $412 million from short positions. That clearing sparked a 10% rebound, lifting ETH to around $4,198 at press time.
The large-cap altcoin, with a fully diluted valuation of about $506 billion, has benefited from renewed calls for buy the dip, especially by whale investors.
On-chain data from Lookonchain revealed that institutional player BitMine purchased about 128,000 ETH, worth roughly $480 million, through FalconX and Kraken over the weekend. The whale buying supports the “buy-the-dip” narrative as large holders increase exposure to ETH ahead of a potential breakout.
Related: Ethereum Price Prediction: Analysts Eye $4,250 Recovery As BitMine Accumulate $480M In
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Source: https://coinedition.com/eth-drops-whales-buy-480-million-as-cowen-calls-new-ath/