Ethereum (ETH) Could Experience a Major Decline Against Bitcoin (BTC), Says Analyst
Crypto analyst Benjamin Cowen suggests that Ethereum (ETH) may face a significant collapse in value compared to Bitcoin (BTC). In a recent strategy session, Cowen shares with his YouTube followers that the ETH/BTC ratio is following a historical pattern and could soon break a crucial support level.
While he doesn’t rule out the possibility of occasional bounces, Cowen believes that ETH is likely to mimic previous market cycles. This means that the support level at 0.049 BTC could be breached, leading to a bottoming out phase around 0.037 BTC. However, he speculates that by the end of the year, ETH may start trending upwards again towards 0.049 BTC.
Currently, ETH/BTC is trading at 0.049 BTC ($2,298).
Cowen acknowledges the conflicting signals in the weekly timeframe for the ETH/BTC pair. While there are higher lows, indicating potential bullishness, there are also lower highs. This makes it challenging to determine the ultimate direction of the trading pair.
Hot Take: Ethereum’s Future Against Bitcoin Remains Uncertain
While Benjamin Cowen predicts a potential collapse of Ethereum against Bitcoin, the outcome is far from certain. The ETH/BTC ratio has displayed conflicting patterns, with higher lows but lower highs. This ambiguity makes it difficult to determine whether Ethereum will experience a significant decline or regain strength in the future. As the market evolves, it’s crucial to monitor these trends closely and consider various possibilities.
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