A widely followed crypto analyst says the Ethereum vs Bitcoin (ETH/BTC) pair is on the brink of hitting a cycle bottom.
new Video UpdateCrypto trader Benjamin Cohen told his 813,000 YouTube subscribers that all altcoins will eventually bottom against the crypto king and that ETH looks poised to stop falling against BTC.
However, Cowen said Bitcoin’s level of dominance – the ratio of BTC’s market cap to the market cap of all other crypto assets – is still trending upwards, suggesting ETH/BTC could still fall.
“I think Bitcoin dominance is still trending up, maybe up to about 60%. I don’t think Bitcoin dominance has peaked, so ETH/BTC could go down a bit.”
BTC's current dominance level Sitting According to TradingView, the figure is 57.64%.
However, Cowen said it is possible that Ethereum could hit a bottom against Bitcoin before the rest of the altcoin market hits a cycle bottom.
“There certainly are scenarios where ETH/BTC bottoms before the overall altcoin market bottoms against Bitcoin…
They don’t all have to happen at the same time and what many may forget is that some assets will bottom against Bitcoin much before others, all I know right now is that ETH/BTC appears to be in the final stages of capitulation.
I don't know how far it will go, but I think this marks the final capitulation of ETH/BTC and we will likely see a bottom relatively soon.”
Cowen added that the worst-case scenario from this outcome is that prices would trade higher before hitting lower lows in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).
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