A widely followed crypto analyst says the Ethereum vs. Bitcoin (ETH/BTC) pair is about to print a cycle bottom.
In a new video updatecrypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against the crypto king and it looks like ETH is about to stop the bleeding against BTC.
But Cowen says Bitcoin’s dominance level – or the ratio of BTC’s market cap to the market cap of all other crypto assets – is still rising, suggesting ETH/BTC could still witness a decline.
“I still think Bitcoin dominance is on an uptrend… I think it will probably go to around 60%, so I don’t think Bitcoin dominance has peaked. Therefore, ETH/BTC could move a bit lower.”
BTC’s dominance level is currently to sit according to TradingView at 57.64%.
However, Cowen says it’s within the realm of possibility that Ethereum will hit a low against Bitcoin before the rest of the altcoin market hits a cycle low.
“There is a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against Bitcoin…
They don’t all have to happen at the same time and I think a lot of people may forget that some assets will bottom against Bitcoin long before other assets bottom against Bitcoin. All I know now is that it looks like ETH/BTC is in the final stages of capitulation.
I don’t know how low it will go, but I do believe this marks the final capitulation for ETH/BTC and I think it will bottom relatively quickly.”
Cowen goes on to say that the worst-case scenario for this outcome would be an upside bounce followed by a lower low in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).
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