Analyst Benjamin Cowen believes Ethereum (ETH) may face further declines due to:
Monetary Policy Headwinds
Cowen expects tighter monetary policy to negatively impact ETH, as investors may blame the recent rejection of the spot exchange-traded fund (ETF) and sell off.
Bitcoin’s Influence
Cowen predicts that ETH can only rise significantly if Bitcoin (BTC) also experiences a major rally.
ETH/BTC Pair Likely to Decline
According to Cowen, the ETH/BTC pair is likely to continue falling in most scenarios:
- If ETH rises, ETH/BTC will likely fall.
- If BTC moves sideways, ETH/BTC will likely fall.
- If BTC declines, ETH/BTC will likely fall.
This trend has been observed in eight out of ten quarters since 2022, regardless of BTC’s price action.
ETH is currently trading at $3,002.
