A widely followed crypto analyst says that Ethereum (ETH) looks attractive against Bitcoin (BTC) at its current price.
In a new strategy session, crypto trader Benjamin Cowen tells his 968,400 followers on the social media platform X that ETH paired against BTC (ETH/BTC) seems appealing and could be the catalyst that sparks the next altcoin season.
“I generally agree that ETH/BTC at <0.03 seems attractive, my point is that until it actually starts trending up, then alt season is delayed.”
ETH/BTC is valued at 0.02806 BTC ($2,738) at time of writing, a 1.3% increase on the day.
According to Cowen, altseason won’t begin until ETH/BTC bottoms out, noting that traders should keep an eye on the crypto king’s dominance levels as well as altcoin season tends to start from high levels of BTC dominance.
“As long as ETH/BTC goes lower, then altseason is delayed. So many people assume that BTC dominance going higher is a negative thing for crypto, when in reality it is a positive thing. Alt season occurs from high Bitcoin dominance levels, not low Bitcoin dominance levels.
Normally Bitcoin dominance does go down in post-halving years, so my assumption is that dominance does end the year in the red at this point, but so far dominance has gone up this year.”
Cowen concludes his analysis by saying that while ETH/BTC could dip even further, it’s already near its range lows.
“It could go lower but I don’t really have a great reason to bear post about ETH/BTC anymore considering how close it is to the range lows.”
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