A widely followed crypto analyst says that Ethereum (ETH) is in the final stages of its decline against Bitcoin (BTC).
In a new strategy session, crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on historical patterns, the top altcoin appears as if it’s about to break out against the crypto king.
According to Cowen, ETH/BTC tends to find its bottom two to three months after losing its support level, a move the analyst says should happen soon, though he did not specify a date.
“If you look at ETH/BTC normally, [it] would bottom within two to three months of breaking down from [its] support levels. This is when it would bottom and it’s got to be getting close, I think it’s got to be getting close, I don’t know exactly when it’s going to occur, but I think it’s going to happen relatively soon.”
Cowen goes on to note that Ethereum is in the final leg of its downtrend because Bitcoin’s dominance level (BTC.D) – or the ratio between the market cap of BTC versus the market cap of all crypto assets combined – is going to reverse course.
“My guess is in a year, ETH/BTC is going to be a lot higher than [what it is now], that’s my guess in the short term, maybe it goes down a little bit more but I do think in a year it’s going to be much higher…
I think a lot of people have given up on ETH against Bitcoin when this is a perfectly normal pattern that it has completed two times before, and this will likely be the third time it goes through this pattern. So because I think ETH/BTC is in the final Innings of its downtrend, I think Bitcoin dominance is in the final Innings of its uptrend.”
Bitcon’s dominance level is currently sitting at 60.14% while ETH/BTC is valued at 0.036, a 1.58% decrease during the last 24 hours.
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https://dailyhodl.com/2024/10/31/ethereum-in-the-final-innings-of-downtrend-against-bitcoin-says-top-analyst-benjamin-cowen-heres-his-outlook/
2024-10-31 19:55:23
