Cryptocurrency expert Benjamin Cowen believes that Ethereum’s price against Bitcoin (ETH/BTC) might be close to its lowest point. He’s basing this prediction on past price trends.
Looking at the Past
Cowen has noticed that the current price action of ETH/BTC resembles the price movements seen in 2016 and 2019. In both those years, Ethereum’s price against Bitcoin peaked, then stabilized above a certain range before falling. The current situation looks similar, according to Cowen.
Timing is Key
He also points out that the timing of the bottom in 2016 and 2019 was pretty consistent. In 2016, it took about seven weeks for ETH/BTC to hit its lowest point. In 2019, it took eight weeks.
Since Ethereum’s price against Bitcoin started falling in late July, it’s already been eight weeks. Cowen believes that based on this timeline, it’s unlikely to drop much further. He thinks the bottom could come this week or next week.
Disclaimer
It’s important to remember that this is just one analyst’s opinion. Investing in cryptocurrencies is risky, and you should always do your own research before making any investment decisions.
