Crypto analyst Benjamin Cowen thinks Ethereum might be nearing its lowest point against Bitcoin. He says that all altcoins, including Ethereum, will eventually hit their bottom price compared to Bitcoin. While Ethereum is currently showing signs of stabilizing, Cowen thinks it could still drop further.
Bitcoin Dominance on the Rise
Cowen believes that Bitcoin’s dominance, meaning its market share compared to other cryptocurrencies, is still rising. He predicts it could reach 60%, which means Ethereum could continue to fall in value relative to Bitcoin.
Ethereum Could Bottom Out First
However, Cowen also suggests that Ethereum might hit its bottom price before other altcoins. He believes that different cryptocurrencies will bottom out at different times.
Capitulation is Near
Cowen sees the current situation as the “final stages of capitulation” for Ethereum against Bitcoin. This means that investors are selling off their Ethereum holdings, driving the price down. While he doesn’t know how low it will go, he expects Ethereum to bottom out soon.
Worst-Case Scenario
Cowen warns that the worst-case scenario would be a temporary bounce in price followed by a further drop in December.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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