Crypto analyst Benjamin Cowen is predicting further trouble for Ethereum (ETH) against Bitcoin (BTC). He believes the current downward trend could continue.
The Fed’s Influence
Cowen, who boasts a massive YouTube following, points to the US Federal Reserve’s monetary policy as the key factor. He argues that as long as the Fed continues its restrictive policies (quantitative tightening), ETH/BTC could keep falling. Past performance, he says, supports this: ETH/BTC bottomed out in previous cycles when the Fed eased its policies.
The Bottom Line (or is it?)
While Cowen acknowledges ETH/BTC has already dropped significantly, reaching 0.023 BTC, he’s hesitant to call a definitive bottom. He suggests that if the Fed’s tightening continues for much longer, further drops are likely. However, if the tightening ends soon, the current price might be close to the bottom, especially considering past support levels around this price point. Essentially, the Fed’s actions will dictate whether the bottom is in or if further declines are coming.
At the time of writing, ETH is trading at 0.0285 BTC.
