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As we approach the end of September, the Federal Reserve (Fed) has significantly begun interest rate cuts. Markets anticipate a total reduction of 100 basis points before the year concludes. With interest rates being held at their peak for over a year, it has pressured risk markets. Now that the Fed is less of a concern, what are experts predicting for ETHBTC, XRP, and the overall market outlook?
ETHBTC Chart Commentary
Benjamin Cowen recently shared his market analysis, suggesting that the ETH/BTC pair could find its bottom between 0.03 and 0.04 BTC. Just days ago, ETHBTC hit a low of 0.0383, marking the lowest level since April 2021. He noted that attempting to pinpoint the lowest price precisely is unwise, and the price indeed has found its low. Cowen elaborated on his current predictions.
“If 0.038 cannot hold as support, 0.036 might provide support since it was the peak in 2016. I’m not sure where the lowest level exactly is. In my opinion, the worst-case scenario is 0.03, but I would be surprised if it drops that low. I believe that by 2025, ETH/BTC will rise, making debates on whether the bottom is 0.03, 0.036, or 0.038 irrelevant.”
Cowen mentioned that in the last cycle, ETH/BTC hit its low when Quantitative Easing began, which may still be far away. He also noted that in both 2016 and 2019, the dips in ETH/BTC only lasted 7-8 weeks, and currently, we are in the eighth week.
During the downturn of both 2016 and 2019, while ETH/BTC dropped, ETH/USD also fell in the fourth quarter; however, in 2019, ETH/BTC hit its bottom in September.”
Cryptocurrencies and XRP Coin
The trajectory of the stock markets has become increasingly significant for cryptocurrency investors during this period. As risk markets positively react to the Fed’s decisions, new peaks are observed in the SPX. Macro expert Innocent also welcomes this rise, stating that recent employment data supports this trend.
At the time of writing, XRP Coin was priced at $0.584, continuing the day with a 1% loss. Known analyst Crypto Tony anticipates a new attempt above $0.64. He expressed optimism about the current chart’s bullish expectations, hoping for a new movement to start at $0.94.
