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Prominent cryptocurrency analyst Benjamin Cowen indicated that Ethereum’s (ETH) downtrend against Bitcoin (BTC) 
$107,096 is nearing its final stages. In his assessments via YouTube, Cowen suggested that Ethereum 
$2,494 could initiate a significant rally against Bitcoin based on historical models.
Status of the ETH/BTC Pair
Cowen noted that the ETH/BTC pair tends to form a bottom two to three months after losing its support level. He mentioned that this bottom might occur soon, although he did not provide a specific timeline.
“ETH/BTC typically bottoms within two to three months after breaking support. This bottom should happen soon, but I don’t know exactly when. However, I think it will be relatively soon.” – Benjamin Cowen
Bitcoin’s Market Dominance
Cowen explained that Ethereum is in the last stages of its downtrend since Bitcoin’s market dominance (BTC.D) is expected to reverse. Currently, Bitcoin’s market dominance stands at 60.14%, while the ETH/BTC pair has declined by 1.58% to a level of 0.036.
“I believe that within a year, ETH/BTC will be much higher than it is now. It might drop a little in the short term, but I think it will be much higher within a year.” – Benjamin Cowen
Future Predictions
Cowen remarked that many individuals have abandoned Ethereum in favor of Bitcoin, but this behavior reflects a normal pattern that has occurred twice before and is likely to repeat for a third time. His belief that the ETH/BTC pair is nearing the final stages of its downtrend implies that Bitcoin’s dominance is also approaching the end of its upward trend.
According to the analyst, the completion of Ethereum’s cyclical downturn could pave the way for new opportunities in the cryptocurrency market. This period could be significant for reevaluating the dynamics between Ethereum and Bitcoin.
In conclusion, the future of the ETH/BTC pair will continue to be shaped by market dynamics and overarching cryptocurrency trends. During this process, it is crucial for market participants to act carefully and thoughtfully.
