Ethereum Could Underperform Bitcoin in the Near Term, Says Crypto Analyst Benjamin Cowen
Crypto analyst Benjamin Cowen believes that Ethereum (ETH) is likely to experience a significant decline compared to Bitcoin (BTC) in the near future. In a video shared with his 787,000 YouTube subscribers, Cowen suggests that a sharp drop in the Ethereum/Bitcoin (ETH/BTC) pair could indicate the end of the downward trend for altcoin prices.
Cowen explains that although he will eventually become bullish on the Ether/Bitcoin pair, he currently expects it to continue its decline rather than rebound in the short term. Looking at the chart, he sees a higher probability of a downside breakout. He anticipates a major downward movement that could mark the conclusion of the altcoin market correction.
Possible 35% Plunge for ETH/BTC Pair
According to Cowen, if the price action of the ETH/BTC pair follows a similar pattern seen during the bear market of 2018/2019, it could potentially drop by approximately 35% from its 2022 low. He speculates that this decline could bring it down to around 0.03200000 BTC. Cowen suggests there is reason to believe such a scenario is possible, with a significant sell-off occurring by the end of the year, surpassing the previous low and continuing further downwards.
Hot Take: Ethereum Faces Challenging Times Against Bitcoin
Crypto analyst Benjamin Cowen predicts tough times ahead for Ethereum compared to Bitcoin. He believes that in the short term, Ethereum’s performance against Bitcoin is more likely to be negative than positive. Analyzing historical data and chart patterns, Cowen suggests that an imminent significant downside move may mark the end of the current altcoin market correction. He anticipates a potential plunge of around 35% for the ETH/BTC pair, leading to a new low for Ethereum. Cowen’s analysis highlights the challenges faced by Ethereum in its competition with Bitcoin.
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