Analyst Benjamin Cowen Issues Ethereum Alert, Says ETH Could Fall Further Against Bitcoin – Here Are His Targets

Analyst Benjamin Cowen warns on Ethereum (ETH) because the second-largest crypto asset stays about 40% under its 2024 excessive in March.

Cows tells its 811,000 YouTube subscribers in a brand new video that Ethereum might depreciate by no less than 5% in opposition to Bitcoin (BTC) sooner or later.

“What do I see once I take a look at this graph? I see Ethereum/Bitcoin doubtless forming a backside between now and the tip of the 12 months. It is doable that it is already in, however I would nonetheless say I am nonetheless just a little bit inclined that it might go under 0.04 BTC.”

Ethereum is buying and selling at 0.04229 BTC on the time of writing. On the time of writing, ETH/USD is altering fingers at $2,399, about 48% under the 2024 excessive of about $4,100 reached on March 11.

Based on Cowen, Ethereum’s present worth motion is historical past repeating itself.

“Ethereum/Bitcoin has failed 3 times in its historical past: as soon as in 2016, as soon as in 2019. Anyway, as soon as once more in 2024.”

Cowen says that within the earlier situations of the ETH/BTC pair breaking down, the US greenback pair of the second largest crypto asset recorded a double-digit decline.

“The final two occasions Ethereum/Bitcoin broke, in 2016 and 2019, ETH (ETH/USD) fell 70%…

When it broke right here earlier than the pandemic, it was 68%. And in 2016 this was 70%. So two 70% drops after Ethereum/Bitcoin broke. And Ethereum/Bitcoin broke in 2024. However a 70% drop would truly put you nearer to $1,200.”

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Generated picture: Midjourney