Widely followed crypto analyst Benjamin Cowen says Ethereum (ETH) may be on the verge of bottoming out against Bitcoin (BTC).
In a new strategy session, crypto trader Benjamin Cowen tells According to its 821,000 YouTube subscribers, the bottom for Ethereum in its Bitcoin pair (ETH/BTC) is already at or very close to it.
Says Cowen,
“The bottom for ETH/BTC is near or very close, both in terms of valuation and time. I would say that after three years we finally have a little bit of evidence to suggest that the bottom has actually been reached.
This is the first time I looked at the chart and thought it might be in, and it’s been very frustrating waiting because for so long I’ve been reluctant to say it might be at any of these lower levels . highlights, and on each one [them]…
People [were] I laugh a little and say that it is impossible that it can go any lower, but I do say that it is possible that ETH/BTC has bottomed out.”
To support his thesis, Cowen looks at historical trends and notes that ETH/BTC fell around 30% in the last cycle, a move that has already been made this time.
“I want to talk about what the evidence is that suggests the bottom might be and what the evidence is that would say let’s wait before we make too bold statements.
The first is this pattern – this pattern is pretty telling where you get double tops, where the second top is a little bit lower, you set a low between those two tops that ends up acting as support for a while and then eventually ETH/BTC breaks down.
In 2016, you can see that ETH/BTC fell by about 50% after falling below the all-time low. In 2019, it fell by about 30% after reaching its lowest level. It’s already down about 30% this cycle, so that’s at least some evidence that leads me to believe that if it hasn’t bottomed out, it’s probably pretty close.”
ETH/BTC is currently trading at 0.03914 Bitcoin worth $3,195.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
