Crypto analyst Benjamin Cowen recently shared his insights on the Ethereum versus Bitcoin (ETH/BTC) pair, suggesting that it is on the verge of hitting a cycle bottom. In a video update for his large following on YouTube, Cowen discussed the potential for ETH to stop its downward trend against BTC, despite Bitcoin’s dominance level continuing to rise.
Currently, Bitcoin’s dominance level stands at 57.64%, indicating its strong position in the market compared to other cryptocurrencies. Cowen believes that this dominance level could potentially reach around 60%, signaling that ETH/BTC may experience further declines in the near future.
However, Cowen also highlighted the possibility of Ethereum bottoming out against Bitcoin before the rest of the altcoin market reaches its cycle lows. He emphasized that different assets within the market may bottom out at different times, with ETH/BTC showing signs of nearing the end of its capitulation phase.
While Cowen acknowledged the uncertainty surrounding the exact outcome, he expressed confidence that ETH/BTC is approaching its final capitulation and is likely to bottom out soon. He warned of a potential scenario where there could be a temporary bounce followed by a lower low in December.
As of now, ETH/BTC is trading at 0.04125 BTC ($2,597), indicating the current exchange rate between Ethereum and Bitcoin. Cowen’s analysis suggests that investors should closely monitor the ETH/BTC pair for potential opportunities as the market dynamics continue to evolve.
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In conclusion, Cowen’s analysis provides valuable insights into the ongoing dynamics between Ethereum and Bitcoin, shedding light on potential opportunities for investors in the crypto market. By staying informed and monitoring key indicators, traders can make well-informed decisions to navigate the ever-changing landscape of digital assets.