As chaos swirls around the often turbulent world of cryptocurrency, in the twisting vortex stands Benjamin Cowen, canny founder and Chief Executive Officer of Into The Cryptoverse. Currently, Cowen has stepped into the limelight, imparting his wisdom on the recent nosedives seen in the Ethereum/Bitcoin (ETH/BTC) pair. As intricate as it may be, the relationship between Ethereum and Bitcoin’s pricing, and the lurking potential for additional downside risk, are exactly what have gripped Cowen’s analytical mind.
In the latest observations from Cowen’s keen eye, the ETH/BTC pairing seems to be caught in a downward drift. Tracing back in time, the last two dips of this pairing spelled a precipitous 70% slash to the value of ETHUSD. Considering the air of anticipation hanging amongst cryptocurrency enthusiasts for the elusive Altcoin season for the past two and a half years, Cowen finds it necessary to play the cautionary bell – sounding a warning of the continued possibility of a bearish slide.
Our crypto pundit also verified that the ETH/BTC pair is currently getting a chilly reception from the bull market support band, an eventuality he had spelled out in his prior predictions that came days ahead of a price surge. “Just as I expected, the ETH/BTC pair seems to be at loggerheads with the bull market support band, judging from weekly closes at $0.053-$0.054,” Cowen declared. Observing further, he mentioned the pump seems to echo similar patterns seen last time when rates took a nosedive, right on the brink of summer capitulation.
Coinciding with the inception of Bitcoin Spot Exchange-Traded Funds (ETFs), ETH/BTC was sighted on a perpendicular ascent, though Cowen is quick to notice the similarities between this current bull run and the previous one, as both seemed to foretell fresh lows.
Adding to this, Cowen asserts that a substantial macro downtrend has been in play beginning since November of 2021, noticeably after the ETH/BTC pair came together. However, the dipping did not have the sharpness of a cliff’s edge. Instead, it waned slowly, leading investors to hold their ETH instead of transferring to BTC while the value crawled downwards from 0.085 to 0.048. This gradual descent played a part in creating the illusion that the market might be holding up just fine.
Before the Bitcoin Halving, our crypto oracle foresaw a similar rejection from the bull market support band for ETH/BTC, particularly when looking at weekly closes ($0.053-$0.054). Conditions were assuming that there would be a bouncing back post the Halving, akin to the situation encountered during the BTC spot ETF launch. Notwithstanding the circumstances, Cowen is buoyantly certain of ETH/BTC touching the range of $0.03 and $0.04 by the time summer rolls in.
Ethereum and Bitcoin, the twin juggernauts of cryptocurrency, have always commanded a lion’s share of interest. However, leading on-chain analytics firm Glassnode brings to light a shifting dynamic in the performance paradigm of these two digital kings. The firm highlights a diverging trajectory for Ethereum and Bitcoin in the 2023-2024 cycle to date, brought about by a gradually weakening trend in capital rotation, that explains the comparatively lackluster performance of Ethereum, particularly when juxtaposed against preceding cycles and all-time highs.
While current speculations place the ETH/BTC price at $0.04807 on the 1D chart, as the cryptoverse continues to churn and fluctuate, investors will surely be keeping an eager eye on Benjamin Cowen’s predictions for the digital currency’s future.
