Cryptocurrency analyst Benjamin Cowen is providing insights into the potential trajectory of Ethereum (ETH) against Bitcoin (BTC) in the upcoming weeks and months. Cowen, who shares his analysis with his 866,700 followers on the social media platform X, believes that the Ethereum/Bitcoin (ETH/BTC) pair is likely to reach a bottom before the end of the year.
According to Cowen, the ETH/BTC pair is not expected to drop by more than 20% from its current level. He points out that if someone was bullish on ETH/BTC at 0.08 but bearish at 0.038, they may have been misled by the market. Cowen predicts that ETH/BTC will likely bottom out within this quarter (Q4 2024) between the range of 0.03-0.04, which is the current trading range. He suggests that if 0.038 is not the bottom, the next stop could be 0.036, with a worst-case scenario of 0.03, although he highly doubts it will go that low. At the time of writing, ETH is trading at 0.03891 BTC ($2,617).
Cowen also comments on the Ethereum/US dollar pair, indicating that ETH/USD could potentially turn bullish in the coming year. He mentions that ETH/USD might remain weak until the end of the year, similar to patterns observed in 2016 and 2019, but he anticipates a resurgence in strength in 2025.
Furthermore, Cowen predicts that Bitcoin dominance, which measures Bitcoin’s market cap relative to other cryptocurrencies, is likely to peak around 60% before the year ends and gradually decline in 2025.
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Source: Benjamin Cowen/X
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