Prominent crypto expert Benjamin Cowen has shared insights suggesting that Ethereum (ETH) is approaching an important juncture in its downtrend against Bitcoin (BTC). During a recent YouTube discussion, Cowen emphasized that Ethereum may soon witness a significant upward movement compared to Bitcoin, drawing upon historical data to support his predictions.
What is the Current Status of the ETH/BTC Pair?
Cowen observed that the ETH/BTC pair typically hits its lowest point two to three months after breaking through a support level. He believes this bottom is likely imminent, although he refrained from providing an exact timeline for this development.
“ETH/BTC typically bottoms within two to three months after breaking support. This bottom should happen soon, but I don’t know exactly when. However, I think it will be relatively soon.” – Benjamin Cowen
How is Bitcoin Dominance Affecting Ethereum?
Cowen pointed out that Ethereum is nearing the end of its downtrend as Bitcoin’s market dominance (currently at 60.14%) is expected to change course. He noted that the ETH/BTC pair has recently declined by 1.58%, reaching a level of 0.036.
“I believe that within a year, ETH/BTC will be much higher than it is now. It might drop a little in the short term, but I think it will be much higher within a year.” – Benjamin Cowen
The outlook for the ETH/BTC pair appears promising, with Cowen highlighting several key points:
- The ETH/BTC pair is nearing its bottom, suggesting an upcoming rebound.
- Bitcoin’s dominance is likely to reverse, providing room for Ethereum’s growth.
- Market trends indicate that the current shift of interest from Ethereum to Bitcoin is part of a historical pattern.
The developments in the ETH/BTC dynamics could lead to fresh opportunities within the cryptocurrency realm as Ethereum potentially emerges from its current downturn. This will be an essential time for participants to reassess their strategies between these two leading cryptocurrencies.
