Cryptocurrency analyst Benjamin Cowen is forecasting the seemingly trajectory of Ethereum (ETH) in opposition to Bitcoin (BTC) over the approaching weeks and months.
Cowen tells his 866,700 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “seemingly” to backside out earlier than the top of this 12 months.
In line with Cowen, the ETH/BTC pair is unlikely to fall by over 20% from the present degree.
“For those who have been bullish on ETH/BTC at 0.08, however bearish on it at 0.038, then the market has utterly tricked you.
Sure, ETH/BTC might go decrease, however the time to make the commerce was 2 years in the past, not immediately.
ETH/BTC will seemingly backside out *THIS QUARTER* (This autumn 2024) between 0.03-0.04 (which is the present vary).
If 0.038 will not be the underside, then 0.036 is probably going the subsequent cease. Worst-case situation is 0.03 however I extremely doubt it goes that low.”
ETH is buying and selling at 0.03891 BTC ($2,617) at time of writing.
Turning to the Ethereum/US greenback pair, the extensively adopted analyst says that ETH/USD might flip bullish subsequent 12 months.
“ETH/USD will seemingly be weak till end-of-year similar to 2016 and 2019 (additionally years the place ETH/BTC broke down), however I feel it’s going to discover some renewed power in 2025.”
Cowen additional says that Bitcoin dominance, the ratio of Bitcoin’s market cap relative to the opposite crypto property, is more likely to high out at roughly 60% earlier than the top of the 12 months and development downwards in 2025.
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