Analyst Who Correctly Predicted The Ethereum Price Crash Against Bitcoin Reveals Where It’s Headed Next
Ethereum price is back above $3,800 after rising 5% in the past 24 hours. Interestingly, the rise in Ethereum price comes amid ETH’s performance relative to BTC rose in tandem in recent weeks.
Cryptocurrency analyst Benjamin Cowen said that the recent price action may actually be the earliest stage of Ethereum’s price increase relative to Bitcoin in the next 6 to 12 months.
Analyzing the ETH/BTC pair
last two weeks Merge highlighting Bitcoin price fell below $99,000 as investors continue to wait for a break above $100,000. During the Bitcoin price correction, Ethereum price rose significantly from the $3,340 level on November 26. The rally has allowed Ethereum and many other altcoins to outperform Bitcoin, fueling speculation about whether the cryptocurrency market is now in trouble. The long-awaited initial phase of the altcoin season.
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According to technical analysis Prominent cryptocurrency analyst Benjamin Cowen said this could be the earliest stage of recovery for the ETH/BTC pair. Cowen said on social media platform
Back in 2023, Cowan A sharp decline was predicted In the ETH/BTC currency pair. At the time, the ETH/BTC pair was trading around 0.066, but he predicted it could fall by more than 45% by then. Interestingly, this prediction has come true, as Ethereum’s valuation relative to Bitcoin has been declining since the last quarter of 2023 until recent weeks.
Fast forward to December 2024; Ethereum has rebounded and is performing well relative to Bitcoin. In particular, the ETH/BTC pair is currently around 0.0396, up 24% from the 2024 low of 0.03187. This resurgence prompted Cowen to revisit the ETH/BTC currency pair, and his outlook became optimistic.
Historical trends point to seasonal rebound
Cowen highlighted Ethereum’s historical trends, noting that the ETH/BTC pair typically gains momentum in December or January. If this trend continues and the ETH/BTC pair gains momentum in December, Ethereum may already be in the early stages of a recovery. However, if we wait until January, then a sweep of the previous low of 0.03187 is still possible, and maybe even 0.03, but that is becoming less and less likely. He added that within a few months, the exact bottom may become irrelevant.
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Looking ahead, Cowen expects the ETH/BTC pair to see significant gains within 6-12 months. Ethereum price outperforming Bitcoin price and the overall altcoin season will highlight this move.
As of this writing, Ethereum is trading at $3,845. On the other hand, Bitcoin Finally broke through It crossed the $100,000 mark and is currently trading at $103,000. The ETH/BTC currency pair is currently trading at 0.03755.
Featured image created using Dall.E, chart from Tradingview.com
