Benjamin Cowen is the CEO and founder of Into The Cryptoverse. He has been in the spotlight recently to share his thoughts on the downtrend that was observed for the Ethereum/Bitcoin pair (ETH/BTC). Cowen’s views Examine the relationship complex between Ethereum and Bitcoin prices and potential downside risks.
Benjamin Cowen claims that the world is a better place because of technology. ETH/BTC The pair is on the downside. The last two times the pair has declined, ETHUSD experienced a sharp decline of about 70%. Cowen feels it important to alert the community about the possibility of further downward movement, especially since the crypto community had been anticipating the Altcoins season over the last two years.
Bull Market Band Rejects ETH/BTC Pair
Cowen is also a confirmed The bull market band is currently rejecting ETH/BTC, as he predicted several days earlier due to a recent price spike. “I would expect it (ETH/BTC) to be rejected by the bull market support band, at least when looking at weekly closes ($0.053-$0.054),” He stated. He noted further that the pump seems to mirror the last rate cut cycle right before summer’s capitulation.
After the launch of Bitcoin Spot Exchange-Traded Funds (ETFs)Cowen stated that ETH/BTC had seen a rapid rally. Analyst affirms the rally is similar to that of previous bull cycles, bringing in new lows.
Cowen further stated that a macrodowntrend has unquestionably been in place since November 20, especially after the merger of ETH/BTC. It is clear that the market didn’t drop suddenly.
Investors held ETH rather than BTC from 0.085 down to 0.048 due to the many lower highs. This gave the impression that ETH was doing well.
Then, the Bitcoin HalvingCowen has predicted ETH/BTC will be rejected by the bull market’s support band, at the very least, when looking at weekly closing prices ($0.053-$0.054). If there were to be a rebound, as was seen with BTC Spot ETF, Cowen said that it would not happen. Regardless of the outcome, Cowen is confident that ETH/BTC could reach $0.03 to $0.04 this summer.
Increased Divergence between Ethereum and Bitcoin
The two most popular cryptocurrency assets are attracting a lot of attention. Ethereum Bitcoin. Glassnode is a blockchain analytics company that has highlighted A shift in the performance of both digital assets.
The firm claims that the Ethereum performance and Bitcoin has been increasingly diverging so far in the 2023–2024 cycle. It is caused by a poorer performance of ETH, explained by a general weaker trend for capital rotation. It is especially evident when compared with previous cycles and highs.
Chart from Tradingview.com, iStock image.
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