Ethereum May Be Nearing a Bottom Against Bitcoin, Analyst Suggests

Crypto analyst Benjamin Cowen suggests Ethereum (ETH) could be approaching a bottom in its valuation against Bitcoin (ETH/BTC).

In his recent video update, Cowen noted that ETH/BTC might have hit a low at 0.04 BTC, though he warns that historical patterns show the pair could briefly fall below this level before potentially rising.

Cowen draws parallels with past cycles from 2016 and 2019, where ETH/BTC initially dropped below its previous low but eventually recovered.

He advises that while the current level might seem like a bottom, there’s still a chance of a further dip before any significant rebound. Historically, these temporary lows have been followed by stronger recoveries, as seen in the previous cycles.

Cowen’s analysis points to a recurring trend where Ethereum’s price against Bitcoin experiences short-term declines before finding a solid bottom and gaining upward momentum.

Investors should remain cautious but also attentive to potential buying opportunities, as these past patterns suggest that patience could be rewarded with future gains.