A popular crypto analyst, Benjamin Cowen, thinks Ethereum (ETH) might have reached its lowest point against Bitcoin (BTC). He’s looking at the historical price action of ETH/BTC and sees a pattern that suggests the current price could be the bottom.
A Bit of a Catch
However, Cowen isn’t completely sure. He points out that in previous cycles, ETH/BTC dipped below the supposed bottom before bouncing back. So, while ETH/BTC is currently trading around 0.04 BTC, it could still drop further.
Looking Back to 2016 and 2019
Cowen is comparing the current situation to the 2016 and 2019 cycles. In both cases, ETH/BTC closed at a low point on the monthly chart, but then went even lower before rallying. He’s warning that the same thing could happen this time around.
What Does This Mean for Investors?
This doesn’t mean Ethereum is doomed. It just means that investors shouldn’t get too excited about the current price. It’s possible that ETH/BTC could drop further before it starts to climb again.
Important Note: This is just one analyst’s opinion. Crypto markets are volatile, and no one can predict the future with certainty. Always do your own research before making any investment decisions.
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