Ethereum Approaching a Crucial Turning Point, Warns Analyst Benjamin Cowen
A popular crypto analyst, Benjamin Cowen, is predicting that Ethereum (ETH) is on the verge of a significant decision that could result in a collapse against Bitcoin (BTC). According to Cowen, the ETH/BTC ratio will reach a critical point as early as next week, determining its future trajectory.
Cowen believes that Ethereum’s valuation against Bitcoin is likely to drop further before potentially entering an uptrend. He argues that the current downtrend in the ETH/BTC ratio is due to Bitcoin dominance increasing and altcoins bleeding back into Bitcoin.
Although Ethereum tends to experience seasonality and gains ground against Bitcoin around mid-December or early January, Cowen suggests that the next few weeks will be crucial for the second-largest cryptocurrency by market cap. He predicts a window of weakness for the ETH/BTC pair lasting three to five weeks.
Hot Take: The Fate of Ethereum Hangs in the Balance
Crypto analyst Benjamin Cowen warns that Ethereum is at a critical juncture against Bitcoin. The upcoming weeks will determine whether the ETH/BTC ratio will continue its downtrend or potentially enter an uptrend. Cowen believes that Ethereum’s valuation against Bitcoin will drop further before it has a chance to recover. While there may be some short-term gains, he suggests that a window of weakness for the ETH/BTC pair could last for several weeks. This analysis highlights the importance of closely monitoring Ethereum’s performance against Bitcoin in the coming weeks.
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