Ethereum’s price recently jumped above $3,800, a 5% increase in just 24 hours. This happened at the same time ETH started doing better against Bitcoin. Crypto analyst Benjamin Cowen thinks this is just the beginning of a much bigger Ethereum price increase against Bitcoin over the next 6-12 months.
Analyzing the ETH/BTC Pair
For a while, Bitcoin hung around the $99,000 mark. But during this period, Ethereum’s price climbed from $3,340 on November 26th. This led many to think an “altcoin season” – where altcoins like Ethereum outperform Bitcoin – might be starting.
Cowen’s Accurate Prediction
Cowen’s technical analysis supports this idea. He pointed out that the ETH/BTC pair recently hit a low of 0.03187, which is close to his earlier prediction of 0.03. He accurately predicted a big drop in the ETH/BTC pair back in 2023, when it was around 0.066. His prediction of a 45% drop came true. Now, it’s rebounded to around 0.0396, a 24% increase from its 2024 low.
Seasonal Trends and Future Outlook
Cowen highlighted that historically, the ETH/BTC pair often sees a boost in December or January. If this pattern continues, Ethereum’s recovery might already be underway. Even if it waits until January, a dip to the previous lows is unlikely. He thinks within a few months, the exact bottom won’t matter much anymore.
Cowen predicts significant gains for the ETH/BTC pair in the next 6-12 months, with Ethereum significantly outperforming Bitcoin and a full-blown altcoin season.
Current Market Conditions
At the time of writing, Ethereum is trading at $3,845, and Bitcoin has finally broken through $100,000, currently at $103,000. The ETH/BTC pair is trading at 0.03755.
