A broadly adopted crypto analyst believes that Ethereum (ETH) might have reached a market backside in opposition to Bitcoin (ETH/BTC).
In a brand new video replace, crypto strategist Benjamin Cowen tells his 807,000 YouTube subscribers that ETH/BTC might have reached the cycle low at 0.04 BTC.
Nonetheless, he warns that primarily based on historic priority, there’s an opportunity that ETH/BTC might first dip beneath the 0.04 BTC stage on the month-to-month chart earlier than rallying.
“I feel that ETH/Bitcoin bottoms within the 0.03 BTC to 0.04 BTC vary, and it already hit 0.04 BTC. So there does exist a state of affairs the place the low for ETH/Bitcoin is 0.04 BTC.
With that stated, there’s nonetheless very a lot threat that it goes beneath 0.04 BTC.”
Cowen says that ETH/BTC is printing an identical sample as within the earlier two cycles, each in 2016 and 2019, when ETH/BTC closed at a spread low on the month-to-month chart, however then put in a decrease low earlier than rallying.
“Have a look at the final two cycles the place you had a really related setup. Okay, one of many issues it’s possible you’ll discover is that on this first cycle ETH/Bitcoin had a month-to-month shut beneath the vary low. So the vary low was proper right here [at 0.013 BTC] in 2016 and it had a month-to-month shut beneath it. However the month that marked the primary month with a month-to-month shut beneath the vary low was not the low for ETH/Bitcoin, it was, in truth, the next month.”
ETH/BTC is buying and selling for 0.045 BTC ($2,675) at time of writing, up 1.59% within the final 24 hours.
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