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Sujit Kumar
Sep 21, 2024
by Sujit Kumar

Ethereum Nears Cycle Lows Against Bitcoin, Analyst Predicts

Ethereum Nears Cycle

Table of contents

  1. ETH/BTC Price Outlook
Cryptocurrency analyst Benjamin Cowen suggests that Ethereum is approaching its cycle low against Bitcoin (ETH/BTC). In a recent update to his 813,000 YouTube followers, Cowen highlighted historical patterns from 2016 and 2019, which indicate that Ethereum may soon bottom out against Bitcoin. According to Cowen, the current market structure closely mirrors these previous cycles, signaling that ETH/BTC could be nearing a reversal.

Historical Patterns Indicate Imminent Bottom

[embed]https://www.youtube.com/watch?v=VX7TwQnmV58[/embed]

Cowen draws parallels between the current ETH/BTC price movement and those of 2016 and 2019. During both cycles, Ethereum showed similar behavior, printing a lower high before consolidating above its range lows and then breaking down. In 2016, it took seven weeks for the pair to bottom, while in 2019, it took eight weeks.

As of this cycle, Cowen notes that ETH/BTC broke its range low on July 22nd, meaning the pair has already spent eight weeks consolidating. This aligns with past cycle durations, leading Cowen to speculate that the bottom may be imminent.

ETH/BTC Price Outlook

At the time of writing, ETH/BTC is trading at 0.0405 BTC, equivalent to $2,544. While Cowen admits it's difficult to predict the exact bottom, he believes it could occur within the next week or so. Though Ethereum might go a little lower, Cowen cautions against expecting a significant further decline.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Ethereum Nears Cycle Lows Against Bitcoin, Analyst Predicts
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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