Top Analyst Benjamin Cowen Says Ethereum Has Likely Bottomed Out Against Bitcoin – But There’s a Catch

A extensively adopted crypto analyst believes that Ethereum (ETH) could have reached a market backside versus Bitcoin (ETH/BTC).

In a brand new video replace, crypto strategist Benjamin Cowen tells In keeping with its 807,000 YouTube subscribers, ETH/BTC could have hit a cycle low at 0.04 BTC.

Nonetheless, he warns that based mostly on historic priority, there’s a probability that ETH/BTC will first fall under the 0.04 BTC stage on the month-to-month chart earlier than rising once more.

“I believe ETH/Bitcoin is bottoming out within the 0.03 BTC to 0.04 BTC vary, and it has already reached 0.04 BTC. So there’s a state of affairs the place the low for ETH/Bitcoin is 0.04 BTC.

That mentioned, there may be nonetheless a excessive danger of it going under 0.04 BTC.”

Cowen says ETH/BTC is displaying an identical sample to the earlier two cycles in each 2016 and 2019, when ETH/BTC closed at a low on the month-to-month chart however then made a decrease low earlier than rising.

“Have a look at the final two cycles the place you had a really related setup. Okay, one of many stuff you would possibly discover is that ETH/Bitcoin had a month-to-month shut under the low on this first cycle. So the vary low was proper right here [at 0.013 BTC] in 2016 and under that there was a month-to-month closing. However the month that marked the primary month with a month-to-month shut under the low was not the low for ETH/Bitcoin, however actually the next month.”

ETH/BTC is buying and selling at 0.045 BTC ($2,675) on the time of writing, up 1.59% within the final 24 hours.

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