In the world of cryptocurrencies, closely followed analyst Benjamin Cowen believes that Ethereum (ETH) may have hit rock bottom against Bitcoin (BTC) in terms of the trading pair (ETH/BTC). The analyst also warned that the bottom might be lower.
Ethereum May Have Bottomed Against Bitcoin
In his latest video update to his YouTube subscribers, Cowen indicated that the ETH/BTC trading pair might have hit a cycle bottom at the 0.04 BTC level. However, the analyst also emphasized that based on historical data, there is a possibility for ETH/BTC to fall below the 0.04 BTC level.
Recalling Past Cycles
Cowen observes similar patterns in today’s cycle that ETH/BTC exhibited in the past two cycles. In both 2016 and 2019, the ETH/BTC trading pair made monthly closes at bottom levels on the chart, then saw lower levels the following month before rising. The analyst noted: 'Similar situations occurred in the past two cycles. In 2016, the ETH/BTC trading pair made a monthly close below the bottom level, but this close did not represent the lowest level for ETH/BTC. The actual bottom occurred the following month.'
Investors' Interests
Cowen's current analysis increases uncertainty about the short-term movements of the ETH/BTC trading pair. Currently, ETH/BTC is trading at 0.045 BTC and has risen by 1.59% in the last 24 hours. Cowen's analysis provides important clues for cryptocurrency investors. The potential bottom region of Ethereum against Bitcoin is a situation that investors should closely monitor.
Benjamin Cowen's analysis raises interest in the potential bottom zone for the ETH/BTC pair. While the current level may not be final, historical patterns support cautious optimism among investors.
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