Cryptocurrency analyst Benjamin Cowen recently said that Ethereum (ETH) will have to go through a "painful period" before rebounding, and its current trend is repeating the pattern of the 2019 market cycle. "The ETH/BTC price pair needs a monetary policy change to bottom, and to achieve a monetary policy change, you have to go through pain," Cowen explained to its 886,000 subscribers in a newly released YouTube video. "Welcome to the pain period, which is the pain that is ultimately necessary. Think back to the last cycle (2019), when ETH/BTC bottomed after ETH/USD broke support." Cowen pointed out that the Ethereum/dollar price fell below support in 2019 just before the Federal Reserve ended quantitative tightening. He believes that everything that happened in the previous cycle "basically repeats itself in this cycle, just over a longer time span", and that most of the price points in the current cycle are about 10 times that of the 2019 market. "The reason people have struggled to navigate this cycle and feel so different is that monetary policy has never changed in this cycle. Last cycle we saw a change in monetary policy a year before the halving. Now we are in the year after the halving and still haven't seen a change in quantitative tightening. They have tapered slightly, slowed down but never really stopped."