According to Benjamin Cowen, Ethereum (ETH) is poised to collapse to multi-year lows compared to Bitcoin (BTC).
Crypto analyst Benjamin Cowen believes Ethereum (ETH) is on the verge of collapse against Bitcoin (BTC).
In a new strategy session, Cowen tells his 789,000 YouTube subscribers that the ETH/BTC ratio is likely repeating a historical pattern and could soon lose a key support level.
“I'm not saying it can never go back up, and if it does go up, the bull market support band is what you would pay attention to and that is currently around 0.055 BTC. So I would keep an eye on that in case there are any setbacks.
But I still think there's a good chance we'll just replicate what happened here [in December 2017] and that we are about to enter this phase of the cycle [similar to 2019-2020] where the support finally breaks [at the 0.049 BTC level]it goes down into these levels here and finds some kind of ground [at around 0.037 BTC]will move sideways for a while and then perhaps start trending upward again towards the end of the year [to 0.049 BTC].”
Source: Benjamin Cowen/YouTube
ETH/BTC is trading for 0.049 BTC ($2,298) at the time of writing.
Cowen admits that the ETH/BTC pair has both lower highs and higher lows on the weekly time frame, making it difficult to predict the trading pair as bullish or bearish.
“Ether/Bitcoin’s higher lows are perhaps best explained with some sort of logarithmic regression curve. And it's important to point out the higher lows…
However, a worrying aspect is these lower altitudes. We can look at the higher lows, and a lot of people are pointing that out…
I look at these lower highs and think: Where is this all going? There are lower highs but also higher lows. The truth is that I don't know what the ultimate outcome will be. You could make a case either way.”
Source: Benjamin Cowen/YouTube
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