Noted crypto analyst Benjamin Cowen has stated that Ethereum (ETH) is at a critical juncture against Bitcoin (BTC) and could potentially experience a collapse. The analyst argued that a decline for the altcoin king against BTC was inevitable.
In his latest video update to YouTube followers, Cowen reported that the ETH/BTC trading pair is approaching an important decision point by the beginning of next week. He mentioned that a decision needs to be made within a few weeks, but it could very well occur earlier, possibly in the coming week.
According to the analyst, the ETH/BTC trading pair is currently at 0.05498 BTC ($2,049), and he indicated that Ethereum could fall to between approximately 0.03 BTC and 0.04 BTC against Bitcoin, after which it may enter an upward trend against BTC. Cowen believes that ETH has been in a downward trend since The Merge update.
Cowen also shared more details about why the next few weeks are so critical for the market’s largest altcoin. He noted that there is generally a seasonality in Ethereum around mid-December or early January, where it usually gains some ground against Bitcoin, but this period is still a few weeks away.
He mentioned that the ETH/BTC trading pair is currently in a weakness phase, which could persist for the next three to five weeks, and this weakness does not prevent the price from reaching levels of 0.057 BTC or 0.058 BTC, or even higher. Looking at the bull market support band, he stated that it’s possible for the price to reach 0.059 BTC, nearly 0.06 BTC, highlighting the potential for an increase to these levels.