A popular crypto analyst thinks Ethereum (ETH) will have to endure some “pain” before rebounding.

In a new YouTube video, Benjamin Cowen tells his 886,000 subscribers that there probably needs to be a change in monetary policy in order for ETH’s chart against Bitcoin (BTC) to bottom.

“But in order to have a change in monetary policy, you have to have pain. Welcome to the pain. This is the pain that you ultimately need. Remember last cycle [in 2019], ETH/Bitcoin bottomed after ETH/USD broke support.” 

Cowen notes that ETH fell below its support level against the US dollar in 2019 right before the Federal Reserve ended quantitative tightening.

The analyst says that everything that happened in the previous cycle is “basically happening this cycle, it’s just taking place on a longer timeframe.” Cowen also notes that most of the price points of the current cycle are roughly 10x what they were in the 2019 market.

“The reason why people are having a hard time navigating this cycle and why it feels so different is because monetary policy never changed this cycle. In the last cycle, we saw a change in monetary policy in the pre-halving year. We’re now in the post-halving year and we still haven’t seen a change to the quantitative tightening. We’ve seen them taper it a little bit. They’ve slowed it down, but they’ve never actually stopped it.”   

ETH is trading at $1,907 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.

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The XRP community is anticipating the potential announcement of the settlement of the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs Inc. As the settlement negotiation progresses, new updates on the causes of delays have emerged. According to Fox Business Senior Correspondent Charles Gasparino, the Ethereum ICO might be a factor in determining the settlement terms.

The Ethereum Reference in Ripple SEC Lawsuit

As stated in a scoop on X, Gasparino said one of the primary issues under consideration is how XRP will be classified after the lawsuit. According to him, the parties are exploring whether it will trade as a utility, thus removing the securities tag.

Citing his anonymous sources, Gasparino noted that Ethereum is a major example of being profiled. In its earlier days, it also conducted an Initial Coin Offering (ICO) like XRP. The scoop also noted that the characteristics of its issuance were not different from that of XRP. Both protocols raised money to finance the development of a platform.

Despite this, Ripple Labs was sued by the US SEC as the claims hinged on how Ethereum had morphed into a commodity. According to the update, the market regulator is considering whether it can make a similar commodity case for XRP.

Community Reacts to the New Ripple SEC Lawsuit Update

Recall that the potential XRP lawsuit settlement news came earlier this week after Eleanor Terrett confirmed internal talks. However, the latest updates have triggered a new round of reactions from the community.

Ripple Labs CTO David Schwartz explained the disadvantages of XRP. He noted that, unlike XRP, ETH was privately sold by an issuer before any innovator designed a ledger or blockchain.

Other community members have also argued the case for XRP, noting that the coin is not a security. Experts noted that once these conditions are ironed out, Ripple Labs may also see its case settled as the regulator closed the Coinbase lawsuit earlier this month.

Potential Implications of the XRP Lawsuit Dismissal

Despite the lingering legal battle, many asset managers have moved to launch XRP-based exchange-traded funds in the US. Considering the complexity of its security status, Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart pegged the XRP ETF approval odds at 60%.

If this lawsuit is resolved in the coming weeks, it might boost the odds of approval of the XRP ETF soon. In addition, the case dismissal can trigger a massive XRP price rally, per an earlier CoinGape analysis.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.