Just when Ethereum looked like it was about to pick up speed, reality hit hard. After pushing past $1,550 and even teasing $1,687, the momentum fizzled out faster than a flat soda. Now it’s back under $1,580, struggling to stay afloat. With a new bearish trend line forming, bulls are left cornered—either they break through the wall or risk sliding back down to that $1,500 safety net. It’s a bit like trying to push a boulder uphill—exhausting, with no guarantee it won’t roll right back.

Same Old Pattern, But With a Twist

According to well-known crypto analyst Benjamin Cowen, this isn’t just a random stall—it’s déjà vu. In one of his latest YouTube deep dives, he points out that Ethereum seems to be dancing to the same beat it did back in 2019. The moves are familiar, but the rhythm is slower this time. Why? You can thank the ongoing macroeconomic pressure, especially the Fed’s long-running game of “quantitative tightening” (QT).

For anyone not into finance jargon—QT is the Fed’s way of draining money from the economy to battle inflation. And let’s be honest, that’s like turning off the sprinklers during a drought. Risky assets like Ethereum? They’re left high and dry.

Is There a Light at the End of the QT Tunnel?

Here’s where it gets interesting. Cowen references a January FOMC summary that hints QT might wrap up by mid-2025. That’s huge. If the Fed eases up and starts pouring liquidity back into the market, Ethereum could finally catch a break. Until then? Don’t expect fireworks. ETH might keep moving at a snail’s pace compared to flashier altcoins.

So, Where’s Ethereum Sitting Right Now?

At the time Cowen released his video, ETH was trading around $1,652—a decent 12% bump in 24 hours. But let’s not get too excited. Despite that spike, Ethereum’s still lagging behind the broader crypto scene. The technical indicators are mixed at best, with downward trend lines and resistance levels putting up roadblocks. On top of that, the economic headwinds aren’t exactly helping.

Bottom line? Ethereum’s not broken—it’s just caught in the crosswinds of a tight-money era. If the Fed truly pulls the plug on QT in 2025, ETH might finally get the runway it needs. Until then, it’s all about playing the waiting game, watching the charts, and maybe keeping your fingers crossed.