A extensively adopted crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) pair is on the cusp of printing a cycle backside.
In a brand new video replace, crypto dealer Benjamin Cowen tells his 813,000 YouTube subscribers that each one altcoins will ultimately backside out in opposition to the crypto king and it seems as if ETH is poised to cease bleeding in opposition to BTC.
However Cowen says Bitcoin’s dominance stage – or the ratio of BTC’s market cap in comparison with the market cap of all different crypto property – remains to be on the rise, suggesting that ETH/BTC can nonetheless witness a leg down.
“I nonetheless suppose that Bitcoin dominance is in an uptrend… I feel it should go most likely to roughly 60%, so I don’t suppose Bitcoin dominance has topped, which is why ETH/BTC might go a little bit bit decrease.”
BTC’s dominance stage is presently sitting at 57.64%, in accordance with TradingView.
Nonetheless, Cowen says it’s inside the realm of risk for Ethereum to backside out in opposition to Bitcoin earlier than the remainder of the altcoin market prints cycle lows.
“There does exist a state of affairs the place ETH/BTC bottoms earlier than the collective altcoin market bottoms in opposition to Bitcoin…
They don’t all need to occur on the similar time and I feel that’s what lots of people would possibly neglect is that some property will backside out in opposition to Bitcoin effectively earlier than different property backside out in opposition to Bitcoin and all I do know proper now’s that it seems like ETH/BTC is in its last levels of capitulation.
I don’t know the way low it’s going to go however I do imagine this represents last capitulation for ETH/BTC and I do suppose it’s going to backside out comparatively quickly.”
Cowen goes on to say that the worst-case state of affairs for this consequence can be a bounce to the upside adopted by a decrease low in December.
ETH/BTC is presently buying and selling at 0.04125 BTC ($2,597).
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