A broadly adopted crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) pair is on the cusp of printing a cycle backside.
In a brand new video replace, crypto dealer Benjamin Cowen tells his 813,000 YouTube subscribers that every one altcoins will ultimately backside out in opposition to the crypto king and it seems as if ETH is poised to cease bleeding in opposition to BTC.
However Cowen says Bitcoin’s dominance stage – or the ratio of BTC’s market cap in comparison with the market cap of all different crypto belongings – remains to be on the rise, suggesting that ETH/BTC can nonetheless witness a leg down.
“I nonetheless suppose that Bitcoin dominance is in an uptrend… I feel it’s going to go most likely to roughly 60%, so I don’t suppose Bitcoin dominance has topped, which is why ETH/BTC may go a bit of bit decrease.”
BTC’s dominance stage is presently sitting at 57.64%, in line with TradingView.
Nevertheless, Cowen says it’s throughout the realm of risk for Ethereum to backside out in opposition to Bitcoin earlier than the remainder of the altcoin market prints cycle lows.
“There does exist a situation the place ETH/BTC bottoms earlier than the collective altcoin market bottoms in opposition to Bitcoin…
They don’t all need to occur on the similar time and I feel that’s what lots of people may neglect is that some belongings will backside out in opposition to Bitcoin properly earlier than different belongings backside out in opposition to Bitcoin and all I do know proper now could be that it seems to be like ETH/BTC is in its last levels of capitulation.
I don’t know the way low it’s going to go however I do imagine this represents last capitulation for ETH/BTC and I do suppose it’s going to backside out comparatively quickly.”
Cowen goes on to say that the worst-case situation for this final result can be a bounce to the upside adopted by a decrease low in December.
ETH/BTC is presently buying and selling at 0.04125 BTC ($2,597).
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