CandleFocus ETH/BTC Nearing a Bottom, Why Cowen’s Optimism for Ethereum’s Future Is Growing
2024-11-09
Author: Content Editor
The cryptocurrency analyst Benjamin Cowen believes that ETH/BTC is nearing a low point, with the potential for it to have bottomed for the first time in three years. Cowen points to the fact that Ethereum recently closed above its 50-day Simple Moving Average and Bitcoin's market dominance has retraced to the 0.618 Fibonacci level, both of which have historically been linked to an ETH/BTC bottom. However, Cowen remains cautious and notes that there is still a slight chance ETH/BTC could dip further before the end of the year. He also highlights that the timing aligns with Federal Reserve actions, as ETH/BTC bottomed about five weeks after the first rate cut in 2019. Despite the indicators, Cowen acknowledges the risks, such as ongoing Quantitative Tightening and the potential for increased Bitcoin dominance in Q4 of halving years. Overall, Cowen assigns a 60/40 chance that the bottom is in for ETH/BTC and remains optimistic about Ethereum's role in a crypto portfolio, expecting gains in 2025.
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