A widely followed crypto analyst believes that Ethereum (ETH) may have reached a market bottom against Bitcoin (ETH/BTC).
In a new video update, crypto strategist Benjamin Cowen tells his 807,000 YouTube subscribers that ETH/BTC may have reached the cycle low at 0.04 BTC.
However, he warns that based on historical precedence, there’s a chance that ETH/BTC may first dip below the 0.04 BTC level on the monthly chart before rallying.
“I think that ETH/Bitcoin bottoms in the 0.03 BTC to 0.04 BTC range, and it already hit 0.04 BTC. So there does exist a scenario where the low for ETH/Bitcoin is 0.04 BTC.
With that said, there is still very much risk that it goes below 0.04 BTC.”
Cowen says that ETH/BTC is printing a similar pattern as in the previous two cycles, both in 2016 and 2019, when ETH/BTC closed at a range low on the monthly chart, but then put in a lower low before rallying.
“Look at the last two cycles where you had a very similar setup. Okay, one of the things you may notice is that in this first cycle ETH/Bitcoin had a monthly close below the range low. So the range low was right here [at 0.013 BTC] in 2016 and it had a monthly close below it. But the month that marked the first month with a monthly close below the range low was not the low for ETH/Bitcoin, it was, in fact, the following month.”
ETH/BTC is trading for 0.045 BTC ($2,675) at time of writing, up 1.59% in the last 24 hours.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
