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Well-known crypto analyst Benjamin Cowen has stated that Ethereum (ETH) is rapidly approaching a critical turning point where it could see a collapse against Bitcoin (BTC). The analyst suggested that a downturn in the altcoin king against BTC is almost inevitable.
ETH/BTC Decision Time
Crypto analyst Cowen told his YouTube subscribers in his latest video update that the ETH/BTC trading pair is nearing a “decision time” at the beginning of the next week. He said, “I think we are very close to a decision time for the Ethereum/Bitcoin trading pair. This process could enter in the next few weeks and the decision time could occur much earlier, like next week, but I believe a significant decision needs to be made on which direction the Ethereum/Bitcoin trading pair will break in the next few weeks.”
Cowen also explained what he believes will happen with the ETH/BTC trading pair, which is currently at 0.05498 BTC ($2,049). The analyst stated, “My fundamental view is that Ethereum will ultimately fall towards approximately 0.03 BTC to 0.04 BTC against Bitcoin. From this level, it could potentially enter an uptrend against Bitcoin. Although it is not a popular view at the moment, ETH has been in a downtrend since The Merge update.”
Possibility of an Uptrend Still on the Table
Furthermore, Cowen provided more details on why the next few weeks are very important for the market’s largest altcoin. He said, “You might ask why the next few weeks are such a decision time for Ethereum against Bitcoin. Seasonality can often emerge in Ethereum, but it tends not to appear until mid-December or early January, where there can usually be some ground gained against Bitcoin. So we are still a few weeks away from that.”
He added, “So my claim is that for the Ethereum/Bitcoin trading, we are in a weakness that could last for the next three to five weeks. A weakness does not mean it cannot climb to 0.057 BTC or 0.058 BTC or even higher levels. If you look at the bull market support band, you can see it went up to 0.059 BTC, almost 0.06 BTC, so climbing to these levels is definitely possible. Of course, I’m not trying to say it can’t rise, it definitely can, but I think the weakness will be in the next few weeks.”
- ETH potentially facing a downturn against BTC.
- Decision time imminent for ETH/BTC trading pair.
- Next weeks critical for Ethereum’s market position.
