Experienced crypto analyst Benjamin Cowen highlighted that a significant drop in the ETH/BTC trading pair, which represents Ethereum’s value against Bitcoin, could signal the end of the downward movement in the price of the largest altcoin. He stated:
I want to switch to the bullish side on the ETH/BTC trading pair, but at this stage of the cycle, I believe that there is a higher probability of continued downward movement rather than a short-term rise. At least, that’s my view.
When I look at the ETH/BTC chart, I can see that the probability of a downward breakout is much higher than an upward breakout. We will probably encounter a more significant downward movement to determine if the altcoin battle has reached its end.
According to the crypto analyst, the ETH/BTC trading pair could retrace up to 35% below its lowest point in 2022 if it follows the price movement it made during the bear market of 2018/2019:
Just for the record, dropping below this wick (the lowest point in 2022) by 35% will bring you around 0.03200000 BTC.
I still believe that such a thing is possible, and there could be significant selling pressure on the ETH/BTC trading pair towards the end of the year, filling this wick (0.04908000 BTC) completely. Many people have reasons to believe that this wick will be the bottom, but the drop will probably continue and deepen.
The largest altcoin, ETH, is currently trading at $1,575, showing a 3.23% decrease against the US dollar in the last 24 hours. According to the latest data, ETH is at a level of 0.05954 against BTC. For the ETH/BTC trading pair to fulfill the analyst’s anticipated drop, it would need to lose at least 46% of its value.