Cryptocurrency analyst Benjamin Cowen predicts that Ethereum 
$3,224 may be in the process of forming cyclical lows against Bitcoin 
$89,988 (ETH/BTC). In a video update for his 813,000 YouTube subscribers, Cowen expressed his belief that the ETH/BTC pair is nearing a bottom based on historical patterns.
Historical Patterns Indicate Low Levels
Cowen referenced fractals from 2016 and 2019, asserting that these patterns suggest the bottom for ETH/BTC is imminent. “If you look at either of these fractals, they indicate that a low for Ethereum/Bitcoin is about to occur,” Cowen stated.
“The ETH/BTC price movement closely follows the market structure seen in 2016 and 2019,” Cowen noted. He explained that during this cycle, ETH/BTC created a lower peak and consolidated above the range lows before breaking down, mirroring the patterns observed in 2016 and 2019.
Timing of Low Levels
Cowen added that the timing of the ETH/BTC low closely follows the cycles of 2016 and 2019. “It took about seven weeks for Ethereum/Bitcoin to form a low in 2016. In 2019, after breaking the range low, it took approximately eight weeks. So, we have seven weeks and eight weeks. How long has it been now? It seems to have broken below the range low during the week of July 22. So, it has already been eight weeks,” Cowen explained.
“It would be risky to assume that it will drop much more in terms of timing. It might drop a little more, but assuming it will drop significantly longer would be dangerous. When will it really find the bottom? It could be this week, it could be next week. I honestly don’t know. But I suspect it will happen soon,” Cowen added.
At the time of writing, ETH/BTC is trading at 0.0405 BTC, which translates to $2,544. The price movements of Ethereum against Bitcoin, resembling historical cycles, support analysts’ predictions that the bottom is near. Historical data and fractals indicate that Ethereum may soon gain value against Bitcoin.
