A extensively adopted crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) pair is on the cusp of printing a cycle backside.
In a brand new video replace, crypto dealer Benjamin Cowen tells his 813,000 YouTube subscribers that each one altcoins will finally backside out towards the crypto king and it seems as if ETH is poised to cease bleeding towards BTC.
However Cowen says Bitcoin’s dominance stage – or the ratio of BTC’s market cap in comparison with the market cap of all different crypto property – continues to be on the rise, suggesting that ETH/BTC can nonetheless witness a leg down.
“I nonetheless assume that Bitcoin dominance is in an uptrend… I feel it is going to go in all probability to roughly 60%, so I don’t assume Bitcoin dominance has topped, which is why ETH/BTC may go somewhat bit decrease.”
BTC’s dominance stage is at the moment sitting at 57.64%, in line with TradingView.
Nonetheless, Cowen says it’s throughout the realm of chance for Ethereum to backside out towards Bitcoin earlier than the remainder of the altcoin market prints cycle lows.
“There does exist a situation the place ETH/BTC bottoms earlier than the collective altcoin market bottoms towards Bitcoin…
They don’t all must occur on the similar time and I feel that’s what lots of people would possibly neglect is that some property will backside out towards Bitcoin effectively earlier than different property backside out towards Bitcoin and all I do know proper now could be that it seems to be like ETH/BTC is in its remaining levels of capitulation.
I don’t know the way low it’s going to go however I do imagine this represents remaining capitulation for ETH/BTC and I do assume it’s going to backside out comparatively quickly.”
Cowen goes on to say that the worst-case situation for this final result can be a bounce to the upside adopted by a decrease low in December.
ETH/BTC is at the moment buying and selling at 0.04125 BTC ($2,597).
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