Cryptocurrency analyst Benjamin Cowen is forecasting the doubtless trajectory of Ethereum (ETH) in opposition to Bitcoin (BTC) over the approaching weeks and months.
Cowen tells his 866,700 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “doubtless” to backside out earlier than the tip of this yr.
In accordance with Cowen, the ETH/BTC pair is unlikely to fall by over 20% from the present stage.
“In the event you had been bullish on ETH/BTC at 0.08, however bearish on it at 0.038, then the market has fully tricked you.
Sure, ETH/BTC may go decrease, however the time to make the commerce was 2 years in the past, not immediately.
ETH/BTC will doubtless backside out *THIS QUARTER* (This autumn 2024) between 0.03-0.04 (which is the present vary).
If 0.038 just isn’t the underside, then 0.036 is probably going the subsequent cease. Worst-case situation is 0.03 however I extremely doubt it goes that low.”
Supply: Benjamin Cowen/X
ETH is buying and selling at 0.03891 BTC ($2,617) at time of writing.
Turning to the Ethereum/US greenback pair, the extensively adopted analyst says that ETH/USD may flip bullish subsequent yr.
“ETH/USD will doubtless be weak till end-of-year similar to 2016 and 2019 (additionally years the place ETH/BTC broke down), however I feel it’ll discover some renewed energy in 2025.”
Supply: Benjamin Cowen/X
Cowen additional says that Bitcoin dominance, the ratio of Bitcoin’s market cap relative to the opposite crypto belongings, is more likely to prime out at roughly 60% earlier than the tip of the yr and pattern downwards in 2025.
Supply: Benjamin Cowen/X
Generated Picture: Midjourney
