According to Benjamin Cowen, the price of Ethereum (ETH), the leading alternative cryptocurrency, could pull back to the 21-week EMA, which is currently below $3,500.

However, the cryptocurrency would then be able to resume its rally following a short-term retracement. 

The analyst, who boasts more than a million followers on the X social media platform, claims that such a pattern has been playing out since April. Cowen is convinced that the same thing will happen this time around. 

ETH’s bullish momentum fades

As reported by U.Today, Ethereum was on track to record its best Q3 to date, outperforming “DeFi summer” from 2020. 

However, its massive rally has now stalled, with the token currently changing hands just below the $4,400 mark. 

Notably, Cowen does not rule out that ETH could see a fake push toward $4,900. If it does happen, he expects such a bull trap to occur as early as this week. 

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Whale buys $1 billion worth of ETH

Meanwhile, a whale recently purchased a whopping $1 billion worth of the leading cryptocurrency. This whale has now purchased and staked a whopping $3.5 billion worth of ETH in virtually no time. 

Significant spot ETF inflows

Even though a significant correction seems to be possible based on the chart shared by Cowen, robust spot Ethereum (ETH) inflows might throw a spanner in the works for the bulls. 

Last week, these products added a total of 286,000 tokens, according to Glassnode data. 

Constitutional scholars use the “autocratic signaling” when leaders test public tolerance by “just wondering” if dictatorship might be preferable. Trump did exactly that today when he complained about Illinois Governor Pritzker’s resistance to his plans for a military takeover of Chicago. He said, “A lot of people are saying maybe we’d like a dictator.”

When a president jokes, flirts, or wonders out loud whether Americans might want a dictator — even if he immediately walks it back — he is testing the boundaries of what the public, the press, and other power centers will tolerate. Dictatorships rarely arrive with tanks in the streets; they arrive when the language of democracy is hollowed out from within.

Minutes later, Trump signed an order criminalizing flag-burning with a one-year jail term, a statute twice voided by the Supreme Court. Such knowingly illegal directives force civil-liberties defenders to burn political capital, cast courts as deep state saboteurs, and stockpile grievances for future court-stacking or emergency decrees. The stunt also diverts attention from renewed scrutiny of his Epstein-Maxwell ties, a classic authoritarian feint: flood the zone with shit so critics chase the latest outrage.

From Rolling Stone:

It shouldn’t be surprising considering the praise Trump has long lavished on autocratic rulers around the world — from Russian President Vladimir Putin to Kim Jong-un of North Korea, or what some of his own former administration officials have said about him. John Kelly, who served as both secretary of the Department of Homeland Security and White House chief of staff during Trump’s first term, said ahead of the 2024 election that Trump “certainly prefers the dictator approach to government.”

“Well, looking at the definition of fascism: It’s a far-right authoritarian, ultranationalist political ideology and movement characterized by a dictatorial leader, centralized autocracy, militarism, forcible suppression of opposition, belief in a natural social hierarchy,” Kelly toldThe New York Times, when asked if Trump is a fascist. “So certainly, in my experience, those are the kinds of things that he thinks would work better in terms of running America.”

Previously:
• How Serbian activists used humor to topple a dictator
• Dictator Trump declares it’s ‘illegal’ to criticize him the way CNN does (video)

No topic was off limits at the Paris Blockchain Week 2025, including recent memecoin launches and rug pulls. Messari CEO Eric Turner thinks memecoins are fun. “I really like the concept. Early on, building a community and everything made a lot of sense to me.”

“But when you think about it in terms of gambling, I feel we got to the point where yes, it was gambling, but the dice were rigged,” he added. “And you look at a lot of memecoin launches, and they were just, rigged against people buying them in the first place.”

Since the market has seen “that wash out,” Turner thinks it’s very healthy for “where we are as an industry.” Referring to a certain memecoin launch and the subsequent rug pull, he said he thinks “it will get us back to the point where we are building meaningful things.”

“And I think everything we do in this industry is a lesson learned,” he added. “You see how people are going to interact with the technology, see the demand just to launch new assets, the platforms that you can do it on. And I think, if anything, that experience was great.”

There are still going to be quality assets in that sector, but again, I think the wash out that we’ve seen over the past, let’s call it three months or so, has been good.

Explore: Messari CEO Eric Turner Thinks Q2 May Be Muted, But Q3 And Q4 Will Be Exciting!

“But if the market wants it, then there is probably a right for it to exist”

Meanwhile, Thomas Eichenberger, CSO and deputy Group CEO of Sygnum Bank said, “I personally believe there are more meaningful things we can do with this technology than issue meme coins. But if the market wants it, then there is probably a right for it to exist.”

“Then hopefully there is more to it than pure speculation and gambling,” he continued, “because there are users involved that may not be aware of the potential risks they enter into in case they buy and trade meme coins. But yes, they are a phenomenon of our industry at this point in time, so it’s going to be exciting to see where it takes us.”

DISCOVER: 20+ Next Crypto to Explode in 2025 

“Classic crypto, we got really ahead of ourselves in the hype cycle there,” said Messari CEO, referring to the hype around AI

We’ve spent the past year and a half building an infrastructure for AI agents to leverage cryptos leading market intelligence platform

Excited to bring our insights to @CoinbaseDev and power the next generation of builders https://t.co/NyHXAuLqBE

— Eric Turner (@ericturnr) April 9, 2025

Turner said, “For us at Messari, AI has really changed the way that we work on a day-to-day basis.

Talking about the increasing impact of Artificial Intelligence (AI), especially at Messari, Turner said, “It is so deeply ingrained in everything that we do and in our products as well. We have an AI co-pilot, we’ve done some really interesting things with AI.”

“I think when I look at where AI and crypto overlap today, I’ve been somewhat underwhelmed,” said Turner. “There are really interesting things where AI infrastructure can be done better. I’m still waiting to see something that really blows my mind live in action.”

Furthermore, Messari CEO said “we work in a space where Messari provides research, data, information. And when we think about what’s going to move things forward on the regulatory side – it’s transparency and it’s consumer education.”

Great day of meetings in DC

I’m incredibly excited about what Q3/Q4 hold for the industry pic.twitter.com/VhXYDsjlSJ

— Eric Turner (@ericturnr) April 10, 2025

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“A lot of Memecoin Launches Were Rigged Against People,” Says Messari CEO Eric Turner