Crypto analyst Benjamin Cowen thinks Ethereum (ETH) is about to hit its lowest point against Bitcoin (BTC). He predicts the ETH/BTC ratio will bottom out between 0.03 and 0.04 BTC and then start climbing next year.
“It could happen as early as this week or as late as December,” he said on X (formerly Twitter). “Based on past trends, I think it’ll happen sooner rather than later.”
ETH/BTC vs. ETH/USD
Cowen emphasizes that ETH/BTC and ETH/USD are not the same thing. While ETH/BTC might bottom out, ETH/USD could continue to drop for a while. However, once ETH/BTC hits its low point, it should at least temporarily boost ETH/USD.
Looking Back to 2019
Cowen compares the current situation to 2019. He notes that ETH/BTC bottomed out shortly after the first interest rate cut in 2019, but ETH/USD kept falling until the end of the year.
ETH and BTC Price Action
At the time of writing, ETH is trading at $2,326, up over 1.5% in the last 24 hours. BTC is trading at $60,252, up over 3% in the past day.
Disclaimer:
This information is not financial advice. Always do your own research before investing in cryptocurrencies. /p>
