Popular crypto analyst Benjamin Cowen believes that Ethereum (ETH) is nearing its bottom against Bitcoin (BTC). With a social media following of 856,500 on X, Cowen predicts that the ETH/BTC ratio will hit a low point between 0.03-0.04 BTC before starting an upward trend in the coming year.
Cowen emphasizes that the ETH/BTC ratio should not be confused with the ETH/USD pair. He points out that in the previous cycle, ETH/USD continued to decline even after ETH/BTC hit its bottom. However, once ETH/BTC reaches its cycle low, there should be at least a temporary bounce for ETH/USD.
Comparing the current ETH/BTC chart to the relationship between the two assets in 2019, Cowen notes that while ETH/BTC bottomed shortly after the first rate cut in 2019, ETH/USD continued to trend downwards until the end of the year.
Cowen’s predictions have been accurate throughout the year, particularly in relation to ETH/BTC. As of now, ETH is trading at $2,326, with a 1.5% increase in the past 24 hours. On the other hand, BTC is trading at $60,252, showing a 3% increase in the past day.
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Image Source: Midjourney
In summary, Cowen’s analysis suggests that Ethereum is on the verge of reaching its bottom against Bitcoin, with potential for an upward trend in the near future. Stay tuned for further developments in the crypto market.