dailyhodl.com
Crypto analyst Benjamin Cowen is saying that Ethereum (ETH) is likely to significantly underperform Bitcoin (BTC) over the near term.
Cowen tells his 787,000 YouTube subscribers that a severe plunge by the Ethereum/Bitcoin (ETH/BTC) pair could mark the end of the downward movement of altcoin prices.
“I myself will flip bullish on the Ether/Bitcoin pair. it’s just that at this phase of the cycle I think it’s more likely to keep going down than to go up in the short term. That’s my view…
When I look at this chart, it simply looks like there’s a much more likely chance that it breaks to the downside…
At some point in this fade, we likely get a more significant move to the downside to mark the end of the altcoin reckoning.”
According to the widely followed crypto analyst, if the ETH/BTC pair mimics the price action demonstrated during the 2018/2019 bear market, it could plunge by around 35% from its 2022 low.
“Just for the record 35% below that wick [2022 low] would put you at around 0.03200000 BTC.
I think there’s still reason to believe that something like that could happen, that the Ether/Bitcoin pair could see a significant sell-off into the end of the year where it completely takes out this wick [0.04908000 BTC] and a lot of people might think that that wick is going to be the low. And then we just end up going lower.”
Generated Image: Midjourney