Cryptocurrency expert weighs in on the recent decline in the ETH/BTC pair
Amidst the chaos surrounding the cryptocurrency market, Benjamin Cowen, the popular founder and CEO of Into The Cryptoverse, gained attention by dishing out his insights on the recent downtrend observed in the Ethereum/Bitcoin (ETH/BTC) pair. cowens View We examine the complex relationship between Ethereum and Bitcoin prices and the potential for further downside risks.
According to Benjamin Cowen, ETH/BTC The pair is currently in a downward trend, and over the last two times the pair has been down, ETHUSD has witnessed a steep decline of around 70%. Considering that the cryptocurrency community has been eagerly anticipating Altcoin season for the past 2.5 years, Cowen believes it is important to warn the community that a downward move is still possible.
ETH/BTC pair rejected by bullish band
Cowen also Confirmed ETH/BTC is currently being rejected by the bull market support zone, which he previously predicted a few days ago due to the price rise. “I expect ETH/BTC to be rejected by bull market support, at least given the weekly close ($0.053-$0.054),” he said. He also noted that the pump appears to reflect the last cycle of rate cuts before the summer capitulation.
Following launch Bitcoin Spot Exchange Traded Fund (ETF), Cowen noted that ETH/BTC has shown a sharp rise. Analysts assert that this rally is probably similar to the trend of previous bull cycles, hitting new lows.
Cowen also stated that there has been an unquestionable macro downtrend since November 2021, especially following the merger of the ETH/BTC pair. However, it is also clear that the market has not fallen sharply.
As a result, investors were holding ETH instead of BTC from 0.085 to 0.048 due to multiple highs, giving the impression that they were holding up quite well.
Before bitcoin halving, Cowen predicted that if there is a post-halving bounce, similar to what was witnessed with the launch of the BTC spot ETF, the bull market support band will reject ETH/BTC, at least considering the weekly close ($0.053-$0.054). Whatever happens, experts are confident that ETH/BTC will reach between $0.03 and $0.04 by this summer.
Deepening differences between Ethereum and Bitcoin
Since they are two major cryptocurrency assets, there is a lot of interest surrounding them. Ethereum And Bitcoin. However, on-chain analytics company Glassnode highlighted Performance changes between two digital assets.
According to the company, Ethereum’s performance and bitcoin So far in the 2023-2024 cycle, they are increasingly diverging. This is due to the poor performance of the ETH price, which is generally explained by the weakening trend in capital circulation. Moreover, this becomes especially clear when comparing previous cycles to all-time highs.
Featured image from iStock, chart from Tradingview.com
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
