Ethereum Could Bottom Out Relatively Soon Against Bitcoin, Says Analyst Benjamin Cowen – Here Are His Targets

Cryptocurrency analyst Benjamin Cowen predicts that Ethereum could possibly be within the technique of hitting cycle lows in opposition to Bitcoin (ETH/BTC).

In a video replace, Cowen tells Its 813,000 YouTube subscribers point out that, based mostly on historic precedent, the underside for the Ethereum/Bitcoin pair is shut.

“One of many issues I discussed earlier is the fractals of 2016 and 2019. When you have a look at certainly one of these fractals, it may point out that the underside for Ethereum/Bitcoin will happen comparatively quickly.”

Taking a more in-depth have a look at ETH/BTC worth motion, Cowen says the pair’s present market construction seems to be following within the footsteps of the 2016 and 2019 worth motion. The analyst says ETH/BTC has set a decrease excessive on this cycle and consolidated above the lows for some time earlier than collapsing – much like what occurred in the course of the 2016 and 2019 cycles.

Cowen provides that the timing for the ETH/BTC backside additionally carefully aligns with the 2016 and 2019 cycles.

“It took about seven weeks for Ethereum/Bitcoin to backside – that was in 2016.

Now in the event you have a look at 2019, after the underside was hit, it took about eight weeks to backside. So you’ve gotten seven weeks after which you’ve gotten eight weeks. So how lengthy has it been?

It appears to be like prefer it broke below his [range low] the week of July 22. So it has been eight weeks, it has been eight weeks.

When it comes to time, it will be harmful to imagine that it’s going to go a lot decrease. It may go a bit of decrease, however it will be harmful to imagine it should go a lot decrease by way of time.

When will the underside really attain? It could possibly be this week, it is also subsequent week. I do not actually know. However I think it should occur quickly.”

On the time of writing, ETH/BTC is buying and selling at 0.0405 BTC value $2,544.

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