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Significant Downside Move for Ethereum Against Bitcoin Looming, Says Benjamin Cowen – Here Are His Targets

source-logo  dailyhodl.com 21 September 2023 12:04, UTC

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.”

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