Popular crypto analyst Benjamin Cohen believes that Ethereum (ETH) is nearing a bottom against Bitcoin (BTC).
Cowen told his 856,500 followers on social media platform X that he believes the ETH/BTC ratio will bottom out between 0.03 and 0.04 BTC before trending upwards next year.
“The bottom could come as early as this week or as late as December. Given what speculators have done so far, I think it could come sooner…”
More people need to understand that ETH/BTC is not equivalent to ETH/USD. In the last cycle, ETH/USD continued to fall after ETH/BTC bottomed. However, whenever ETH/BTC bottoms in a cycle, ETH/USD should rebound, at least temporarily.”
Cowen compares the current ETH/BTC chart to 2019's relationship between the top two crypto assets.
“ETH/BTC bottomed out shortly after the first rate cut of 2019, while ETH/USD [end of year].”
Cowen has hit his goal with ETH/BTC this year.
ETH is trading at $2,326 at the time of writing. The second-largest cryptocurrency by market cap is up more than 1.5% in the past 24 hours.
At the time of writing, BTC is trading at $60,252. The top-ranked crypto asset by market cap has risen by over 3% in the past day.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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