Renowned cryptocurrency analyst Benjamin Cowen has issued a warning about a potential crash in Ethereum (ETH), the largest altcoin by market capitalization, compared to Bitcoin (BTC). This warning comes as the altcoin market continues to show signs of weakness.
A 45% Drop Forecast for ETH/BTC
Benjamin Cowen, known for his accurate crypto predictions, stated in a new strategy session that the ETH/BTC trading pair, currently valued at 0.066 BTC, could drop by more than 45%, plummeting to a level of around $1,650.
According to Cowen, after a significant pullback, the ETH/BTC trading pair could trigger a recovery rally later this year: “All we’ve seen in the Ethereum/Bitcoin valuation, at least in the short term, is multiple lower peaks. Now, I’ll remind you over a longer period, we’ve seen a series of higher lows, but since 2017, we’ve also had lower peaks. Therefore, there is an element here that maybe it’s time to consider that a bullish trend is more likely somewhere below (at the 0.036 BTC level). And perhaps we can start speculating about a recovery of some sort here.”
“Write Off Your Hope from ETH/BTC in the Short Term”
Cowen also doesn’t expect any rally for the ETH/BTC trade until it completes its correction move. The analyst elaborated on this expectation saying: “Whether you want to claim that the Ethereum/Bitcoin pair is an oscillator and it needs to drop to the 0.019 BTC level, or it will eventually come back somehow, I think this part is going to be a necessary component. No matter what, it just seems like in the short term it has to go down before we can understand the ultimate trajectory of the Ethereum/Bitcoin pair..”
