ETH/BTC Bottoming Out? Analyst Benjamin Cowen Shares His ETH and BTC Price Predictions
- Susan SarandonOriginal
- 2024-11-10 00:18:101018browse
Analyst Benjamin Cowen recently shared his thoughts on the potential future of ETH and BTC, suggesting that while he doesn't expect a drastic price drop, there's still a chance for more downturns before things turn around.
Renowned crypto analyst Benjamin Cowen has shared his insights on the potential future trajectory of ETH and BTC, presenting a nuanced perspective that anticipates more twists and turns in the market. Here's a summary of his analysis:
ETH/BTC nearing a bottom?
Cowen suggests that the ETH/BTC pair might be nearing a bottom, highlighting past trends where Ethereum has experienced explosive rallies after hitting a low versus Bitcoin. For instance, in 2019, ETH surged by 33% after bottoming out against BTC.
In the current scenario, ETH has already rallied by 26-27% from its recent low against Bitcoin. If the ETH/BTC pair manages to hold above its 50-day moving average, we could see further upside.
Next resistance for ETH/BTC is around 0.042-0.043, the Bull Market Support Band. If ETH can break through this, it may signal further bullish price action.
Bitcoin dominance and its impact on ETH
According to Cowen, Bitcoin dominance tends to increase towards the end of the Bitcoin halving year (Q4), but this year, the dominance has been behaving erratically.
Bitcoin dominance in 2024: While dominance typically rises in the last quarter, it's been more volatile this year. If Q4 sees a rise in Bitcoin dominance, Cowen suggests that some altcoins, like ETH, may experience a sell-off.
ETH/BTC price action: Despite this, even if other Bitcoin pairs decline, ETH/BTC might not necessarily drop much further, or it could remain stable.
Ethereum’s price action and the role of Bitcoin
The analyst anticipates that ETH/USD will be influenced significantly by Bitcoin's price movements. If Bitcoin drops below the crucial $70k level, it could indicate weakness in the market, potentially dragging down ETH as well.
Support levels for ETH/USD: A drop in Bitcoin’s price below $70k could indicate further downside risk for Ethereum. However, Cowen believes the cyclical view (based on past trends) should still be considered, as long as Bitcoin remains above this key level.
The bottom for ETH/BTC: Are we close?
Cowen speculates that we might be close to the bottom for the ETH/BTC pair, especially with Bitcoin dominance now at 60%. However, he cautions that there's no guarantee in the market, and prices could always dip even lower.
Potential for a lower low: While Cowen suggests that the current levels could be the bottom, he's wary, acknowledging that ETH/BTC might still dip before a real recovery begins.
Looking ahead, Cowen identifies $0.03465 as a possible bottom level for ETH/BTC, and he anticipates confirmation of a bottom by the end of 2024.
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