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Crypto analyst Benjamin Cowen expressed concerns over Ethereum’s potential decline in value against Bitcoin 
$107,484. He believes that the ongoing restrictions in U.S. monetary policy might continue to push the Ethereum 
$2,652/Bitcoin parity downwards.
Ethereum’s Potential Drop
Cowen noted that current economic dynamics play a crucial role in Ethereum’s valuation. He highlighted that historically, the Ethereum/Bitcoin ratio has bottomed out when U.S. monetary policy started to ease. However, his focus is now on the impacts of the tightening monetary policy.
The analyst pointed out that Ethereum has undergone several narrative shifts and technological transitions, including the move from proof-of-work to proof-of-stake and various periods of deflationary characteristics. Nonetheless, he emphasized that these narratives have been insufficient to maintain the Ethereum/Bitcoin ratio, attributing the core issue to changes in monetary policy.
Benjamin Cowen: “There are many narratives surrounding Ethereum in this cycle; however, as long as the tightening monetary policy continues, the decline in the Ethereum/Bitcoin ratio may persist. In the last cycle, we observed this parity hitting the bottom when monetary policy eased.”
Ether Predictions
Cowen highlighted that Ethereum has fallen to a level of 0.023 BTC, advising against excessive pessimism at this stage. However, he cautioned that if the tightening of monetary policy persists, the Ethereum/Bitcoin ratio could fall further.
Benjamin Cowen: “I cannot predict how much lower Ethereum will drop. If quantitative tightening continues, it could inevitably reach lower levels; however, if easing occurs soon, the current support level may hold.”
At the time of writing, Ethereum was trading at 0.0285 BTC, and the analyst warned about potential volatility in the coming period. The article aims to increase awareness of how changes in monetary policy affect the cryptocurrency markets, urging readers to closely monitor market movements in light of economic developments.
