Cryptocurrency analyst Benjamin Cowen has made a bold prediction regarding Ethereum’s performance against Bitcoin (ETH/BTC). In a recent video update for his 813,000 YouTube subscribers, Cowen suggests that Ethereum may be on the verge of reaching cycle lows against Bitcoin.
Cowen points to historical data, specifically referencing the 2016 and 2019 fractals, to support his theory. He explains that based on these fractals, it appears that the bottom for the Ethereum/Bitcoin pair is approaching rapidly. Looking at the current market structure of ETH/BTC, Cowen notes that it seems to be mirroring the price action seen in the 2016 and 2019 cycles. He highlights that in this cycle, ETH/BTC formed a lower high, consolidated above the range lows for a period, and then eventually broke down – a pattern similar to the previous cycles.
The timing of the potential ETH/BTC bottom also aligns closely with the 2016 and 2019 cycles, according to Cowen. He mentions that in 2016, it took about seven weeks for Ethereum/Bitcoin to hit bottom, while in 2019, it took around eight weeks after breaking the range low. Given that ETH/BTC broke below its range low in late July, Cowen believes that the bottom may be imminent. He cautions against assuming that the pair will drop significantly further in terms of time, emphasizing that the bottom could occur as early as this week or the next.
As of the latest update, ETH/BTC is trading at 0.0405 BTC, equivalent to $2,544. Cowen’s analysis and predictions have garnered significant attention from the crypto community, with many eagerly awaiting to see if his forecast proves to be accurate.
In conclusion, Cowen’s insights into Ethereum’s performance against Bitcoin offer valuable perspectives for investors and traders in the cryptocurrency space. As the market continues to evolve, keeping an eye on key indicators and historical data can provide valuable insights for making informed decisions. Stay tuned for further updates on Ethereum and Bitcoin as the market dynamics unfold.