A widely followed crypto analyst says that Ethereum (ETH) is fast approaching a major turning point that could see it collapse against Bitcoin (BTC).
In a new video update, crypto strategist Benjamin Cowen tells his 788,000 YouTube subscribers that the ETH/BTC ratio will reach a “decision time” as soon as early next week.
“Decision time is soon, in my opinion, for the Ether/Bitcoin ratio. I think that within the next few weeks, it could be as early as next week, but I think within the next few weeks, we should have a major decision on which way the Ether/Bitcoin ratio is going to break.”
Cowen lays out what he believes will happen to the ETH/BTC ratio, which is currently sitting at 0.05498 BTC ($2,049) at time of writing.
“My base view has been that Ethereum’s Bitcoin valuation is ultimately heading to about 0.03 BTC to 0.04 BTC, eventually. And from that level, it can potentially start to go back into an uptrend against Bitcoin. Now again not a popular view, but there’s no denying that it’s been in a downtrend at least since the merge…
I anticipated that this is likely going to drop down even though technically it’s a descending wedge and a lot of descending wedges actually break up to the upside, but I said that it’s more likely to break to the downside because this is where the Bitcoin dominance goes higher, and a lot of the altcoin market just basically systematically bleeds back to Bitcoin.”
Cowen goes on to explain why the next few weeks are crucial for the second-largest digital asset by market cap.
“So why is the next few weeks such a decision time for Ethereum against Bitcoin? Oftentimes [with] Ethereum, there’s this seasonality that can come but it doesn’t tend to occur until like mid-December or early January, where it’ll often gain some ground against Bitcoin, so we’re still a few weeks away from that.
So my argument is that we’re within a window of weakness for the Ether/Bitcoin pair that could last for the next, let’s call it three to five weeks. A window of weakness doesn’t mean that it can’t climb back up to 0.057 BTC or 0.058 BTC or even higher. I mean if you look at the bull market support band [it is] all the way up at 0.059 BTC, almost 0.06 BTC, so it’s certainly possible that it could climb back up to those levels.
I’m not trying to suggest that it can’t, it certainly could, but the window of weakness I think will be over the next few weeks.”
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- Source: https://dailyhodl.com/2023/11/27/decision-time-for-ethereum-imminent-says-crypto-analyst-benjamin-cowen-heres-what-he-means/
