Renowned crypto analyst Benjamin Cowen has raised concerns over a potential collapse of Ethereum (ETH) compared to Bitcoin (BTC) amidst signs of weakness in the altcoin markets. In a recent strategy session, Cowen, with a substantial following on YouTube, warned his subscribers that the ETH/BTC pair could see a significant drop of over 45% from its current value.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, may face a challenging road ahead in its rivalry with Bitcoin, according to prominent crypto analyst Benjamin Cowen. Known for his insightful market analysis and a large YouTube subscriber base, Cowen recently shared a strategy session cautioning his followers about a potential collapse of Ethereum relative to Bitcoin.
Cowen pointed out that the ETH/BTC pair could experience a substantial decline of more than 45% from its present value of 0.066 BTC, equivalent to approximately $1,650. Citing a series of lower highs in the short term, Cowen acknowledged that Ethereum has exhibited a pattern of higher lows over an extended period. However, he emphasized that the current trend indicates a need for a deep retracement before any possibility of a recovery rally.
The renowned analyst believes that the key to determining a more plausible bullish trend lies at the 0.036 BTC level, implying that a potential recovery may be expected from that point. Cowen stressed the importance of completing the corrective move before considering any potential rally for the ETH/BTC pair. Whether the Ethereum/Bitcoin valuation is viewed as an oscillator bound to return to the 0.019 BTC level or potentially rise in the future, Cowen maintains that a short-term downturn is likely necessary to ascertain its ultimate trajectory.
While Ethereum has garnered significant attention and popularity as a platform for decentralized applications and smart contracts, Cowen’s analysis raises cautionary flags for investors and enthusiasts. The altcoin markets, including Ethereum, have been showing signs of weakness, warranting careful observation.
Cowen’s insights have attracted a substantial following due to his track record of accurate market predictions. As such, his warning of a possible Ethereum collapse compared to Bitcoin has sparked discussions within the crypto community. Traders and investors are keeping a close eye on the ETH/BTC pair and the subsequent corrective move, eagerly awaiting the resolution of the current price dynamics.
Benjamin Cowen, a widely followed crypto analyst, has issued a warning about the potential collapse of Ethereum relative to Bitcoin. His analysis suggests a significant drop in the ETH/BTC pair and highlights the importance of a corrective move before speculating about a potential recovery. As the altcoin markets display signs of weakness, Cowen’s insights serve as a valuable reminder for investors to remain vigilant and closely monitor the market dynamics between Ethereum and Bitcoin.