Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) has almost bottomed out against Bitcoin (BTC).
Cows tells his 856,500 followers on the social media platform
“It could drop as early as this week or as late as December. Based on past capitulations, I think this will happen sooner rather than later…
More people need to understand that ETH/BTC is not equivalent to ETH/USD. This past cycle, ETH/USD continued to fall even after ETH/BTC bottomed out. But when ETH/BTC finds its cycle low, this should correspond to at least a temporary bounce for ETH/USD.”
Cows compares the current ETH/BTC chart to the relationship between the two most important crypto assets in 2019.
“While ETH/BTC bottomed out shortly after the first rate cut in 2019, ETH/USD fell to [end of year].”
Cowen is on track with ETH/BTC this year.
ETH is trading at $2,326 at the time of writing. The second-ranked crypto asset by market capitalization is up more than 1.5% in the past 24 hours.
BTC is trading at $60,252 at the time of writing. The highest-ranked crypto asset by market capitalization is up more than 3% in the past day.
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Credit : dailyhodl.com
