Ethereum Faces Challenges, Analyst Says

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.