Cryptocurrency analyst Benjamin Cowen predicts that Ethereum could be in the process of hitting cycle lows against Bitcoin (ETH/BTC).
In a video update, Cowen tells Its 813,000 YouTube subscribers indicate that, based on historical precedent, the bottom for the Ethereum/Bitcoin pair is close.
“One of the things I mentioned earlier is the fractals of 2016 and 2019. If you look at one of these fractals, it could indicate that the bottom for Ethereum/Bitcoin will occur relatively soon.”
Taking a closer look at ETH/BTC price action, Cowen says the pair’s current market structure appears to be following in the footsteps of the 2016 and 2019 price action. The analyst says ETH/BTC has set a lower high in this cycle and consolidated above the lows for a while before collapsing – similar to what happened during the 2016 and 2019 cycles.
Cowen adds that the timing for the ETH/BTC bottom also closely aligns with the 2016 and 2019 cycles.
“It took about seven weeks for Ethereum/Bitcoin to bottom – that was in 2016.
Now if you look at 2019, after the bottom was hit, it took about eight weeks to bottom. So you have seven weeks and then you have eight weeks. So how long has it been?
It looks like it broke under his [range low] the week of July 22. So it’s been eight weeks, it’s been eight weeks.
In terms of time, it would be dangerous to assume that it will go much lower. It could go a little lower, but it would be dangerous to assume it will go much lower in terms of time.
When will the bottom actually reach? It could be this week, it could also be next week. I don’t really know. But I suspect it will happen soon.”
At the time of writing, ETH/BTC is trading at 0.0405 BTC worth $2,544.
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Generated image: Midjourney
