A generally followed Crypto analyst says that Smart Contract Platform Ethereum (ETH) is close to the bottom of Bitcoin (BTC).
In a new video update, crypto -strategist Benjamin Cowen tells His 877,000 YouTube subscribers that the ETH/BTC pair will probably find its cycle under 0.017 ($ 2,181) somewhere towards the end of the year.
“ETH/BTC Market Cap Ratio comes fairly close to the lows … I think there is a considerable chance that it will be on the bottom.”
According to Cowen, if the American Federal Reserve, however, would stop his monetary policy of quantitative tightening, the ETH/BTC pair would immediately start. Quantitative tightening is when central banks shrink their budgets to reduce the amount of money circulation in the economy as a means to prevent inflation.
“If the FED would put an end to the quantitative tightening, it could now very well mark the bottom for ETH/BTC at the moment …
I don’t really expect it to go higher until quantitative tightening is over, at least not in a sustainable way. That doesn’t mean [ETH/BTC] I can’t jump around, but I just don’t expect the quantitative tightening.
What will probably happen at some point is when quantitative tightening ends, it will probably get a meeting to the Bull Market Support Band. “
In June 2022, the Federal Reserve announced That it would reduce its balance.
ETH/BTC is traded for 0.0264 ($ 2,227) at the time of writing, a decrease of 3.2% compared to the previous 24 hours.
https://www.youtube.com/watch?v=TGCR40OBH8i
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