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.
[adinserter block="1"]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.
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