Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin
01 May 2024 - 7:00AM
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A crypto analyst has predicted when Ethereum, the world’s
second-largest cryptocurrency, will bottom against Bitcoin,
however, under certain conditions. Analyst Predicts ETH/BTC
Bottom Timeline In a recent X (formerly Twitter) post, crypto
analyst and founder of ITC Crypto, Benjamin Cowen, shared his
forecast regarding the Ethereum to Bitcoin price ratio, projecting
the timeline for when ETH/BTC would hit its lowest value in the
current market cycle. Sharing insights on the market
conditions, Cowen noted striking similarities between the present
market’s dynamics and the one seen in 2019. He disclosed that
ETH/BTC’s recent bounce mirrored the market’s behavior in 2019, two
months before the Federal Reserve (FED) cut down rates. Cowen
predicts that the ETH/BTC ratio will reach the lowest point in its
price cycle when the FED makes a significant change in its monetary
policy, often referred to as a “pivot.” The crypto expert expects
this pivot to occur in a few months, ultimately suggesting that
Ethereum would bottom against Bitcoin in the coming months.
His analysis is also based on the assumption that macroeconomic
conditions and the FED’s monetary policies can significantly impact
the cryptocurrency market. Sharing a price chart of Ethereum
against Bitcoin in another post, Cowen projected that the ETH/BTC
ratio will head towards a range of 0.03 and 0.04 by summer.
Commenting on his prediction of ETH/BTC’s bottom, a crypto
community member expressed skepticism about the FED’s likelihood of
cutting down rates while inflation was still high. Cowen responded
that the absence of a rate cut further reinforced his beliefs that
the ETH/BTC ratio has not yet reached its lowest point. He suggests
that unless inflationary pressures are addressed, the ETH/BTC ratio
may continue on its downward trend. Crypto Expert Calls
Ethereum A Higher Risk Asset In another post, Cowen referred to
Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset.
The crypto analyst’s forecast on Ethereum against Bitcoin is
underpinned by his interpretation of capital migration dynamics,
suggesting that higher-risk assets typically depreciate relative to
lower-risk assets. He highlighted the uncertainty surrounding the
future market movements of ETH/BTC following the halving event.
Cowen predicted that if ETH/BTC witnesses a “relief rebound” after
the halving, then he expects a rejection by the bull market support
band, particularly in the context of weekly closing prices,
estimated to range between $0.053 to $0.054. While
acknowledging his past successes in predicting ETH/BTC price
movements, Cowen highlighted that his predictions remain
speculative, stating, “Just because I have been right so far about
ETH/BTC does not mean I will continue being right.” ETH bulls fail
to hold $3,000 | Source: ETHUSDT on Tradingview.com Featured image
from Finbold, chart from Tradingview.com
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