‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin

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Daily Hodl2024/09/17 16:00

By:by Daily Hodl Staff

Popular crypto analyst Benjamin Cowen thinks Ethereum ( ETH ) is close to bottoming out against Bitcoin ( BTC ).

Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.

“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…

More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”

‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin image 0

Source: Benjamin Cowen/X

Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.

“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”

‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin image 1

Source: Benjamin Cowen/X

Cowen has been on target with ETH/BTC this year.

ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.

BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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