A widely followed crypto analyst says Ethereum (ETH) is in the final stages of its decline against Bitcoin (BTC).
In a new strategy session, crypto trader Benjamin Cowen tells its 819,000 YouTube subscribers indicate that based on historical patterns, the top altcoin is about to breakout against the crypto king.
According to Cowen, ETH/BTC tends to bottom two to three months after losing its support level, a move that the analyst said should happen soon, although he did not specify a date.
“If you normally look at ETH/BTC, [it] would bottom out within two to three months of the collapse [its] support levels. This is the moment when rock bottom is reached and it has to be close. I think it should be close. I don’t know exactly when it will happen, but I think it will happen relatively soon.”
Cowen further notes that Ethereum is in the latter part of its downtrend as Bitcoin’s (BTC.D) dominance level – or the ratio of BTC’s market cap versus the market cap of all crypto assets combined – is set to change course .
“I suspect ETH/BTC will be a lot higher than that in a year [what it is now]that’s my short term estimate, maybe it will drop a bit more, but I do think it will be much higher in a year…
I think a lot of people have given up on ETH against Bitcoin when this is a completely normal pattern that it has completed twice before, and this will probably be the third time it has gone through this pattern. So because I think ETH/BTC is in the last innings of its downtrend, I think Bitcoin’s dominance is in the last innings of its uptrend.”
Bitcon’s dominance level is currently to sit at 60.14%, while ETH/BTC is valued at 0.036, down 1.58% over the past 24 hours.
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Generated image: Midjourney
