Widely followed crypto analyst Benjamin Cowen is warning of a possible collapse of Ethereum (ETH) against Bitcoin (BTC) as altcoin markets continue to show signs of weakness.
In a new strategy session, Cowen tells are 783,000 YouTube subscribers that the ETH/BTC pair could drop more than 45% from its current value of 0.066 BTC, worth $1,650.
According to Cowen, the ETH/BTC pair could potentially spark a recovery rally later this year after witnessing a deep retracement.
“As far as I know, all we’ve seen with Ethereum/Bitcoin valuation is a series of lower highs, at least in the near term.
Now I’ll remind you that over a longer period of time we’ve seen a series of higher lows but we’ve also had lower highs from 2017. So here’s this element of maybe the time to consider a more likely bullish trend is here somewhere below [at the 0.036 BTC level]. And maybe down here we can start speculating about some sort of recovery.”
Cowen also emphasizes that any chance of a rally for ETH/BTC is likely to be ruled out until the corrective move is completed.
“But I still think this part is going to be a necessary part whether you want to argue that Ethereum/Bitcoin valuation is an oscillator and it should come back here. [to the 0.019 BTC level] or that you want to claim that it will eventually come back this way. I think whatever happens, it probably needs to fall again in the near term before we can determine the final trajectory of Ethereum/Bitcoin valuation.”
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