Ethereum Poised for Recovery Against Bitcoin, Analyst Says

A prominent cryptocurrency analyst believes that the Ethereum-Bitcoin (ETH/BTC) trading pair is nearing a cycle bottom.

In a recent video update, trader Benjamin Cowen said that he anticipates all altcoins will eventually hit a low against Bitcoin, and it seems that Ethereum is close to stabilizing against BTC.

Despite this, Cowen noted that Bitcoin’s dominance—measured as the ratio of its market cap to that of all other cryptocurrencies—is still increasing, which could imply that ETH/BTC may experience another decline. He estimated that Bitcoin’s dominance could rise to around 60%, suggesting it hasn’t peaked yet, which could lead to a further drop in ETH/BTC.

Currently, Bitcoin’s dominance stands at 57.64%, according to TradingView.

Cowen also mentioned the possibility that Ethereum could find its bottom against Bitcoin before the broader altcoin market does. He emphasized that not all cryptocurrencies need to bottom out simultaneously, highlighting that some assets may reach their lows against Bitcoin ahead of others. He believes that ETH/BTC appears to be approaching its final capitulation phase.

While he is uncertain about how low the pair might go, Cowen expressed confidence that a bottom is imminent. He added that the worst-case scenario could involve a short-term bounce followed by another dip in December.