Ethereum Bottom Against Bitcoin Likely Very Close, According to Analyst Benjamin Cowen

Renowned cryptocurrency analyst Benjamin Cowen suggests that Ethereum (ETH) is potentially close to hitting its lowest point against Bitcoin (BTC).

During a recent strategy session, crypto trader Benjamin Cowen, who has a following of 821,000 subscribers on YouTube, shared his view that the bottom for Ethereum in its Bitcoin pair (ETH/BTC) has either already occurred or is very near.

Cowen stated,

“The low for ETH/BTC is either in or very close to being in both in terms of valuation and in terms of time. I would say that after three years, we finally have at least a little bit of evidence to suggest the bottom might actually be in. This is the first time that I’ve looked at the chart and thought maybe it is actually in and it’s been a really frustrating wait because for so long I’ve been reluctant to say that it could be in on every single one of these lower highs, and on every one of [them]… People [were] sort of laughing and saying there’s no way it could possibly go lower, but I will say it is possible that ETH/BTC has bottomed.”

To support his analysis, Cowen examined historical trends, highlighting that ETH/BTC experienced a 30% drop during the last cycle, a movement that has already taken place this time around.

“I want to talk about what is the evidence to suggest the bottom could be in and what’s the evidence that would say let’s hold off before we make any overly bold proclamations. The first thing is this pattern – this pattern is pretty telling where you get double tops, where the second top is a little bit lower, you set a low in between those two tops that eventually acts as support for a while and then eventually ETH/BTC breaks down. In 2016, you can see that ETH/BTC fell about 50% after it broke below the range low. In 2019, it fell about 30% after it broke the range low. This cycle it’s already fallen about 30% and so that’s at least some evidence to make me believe that if the low’s not in it’s probably getting pretty close.”