The post Ethereum Nears a Bottom Against Bitcoin appeared on BitcoinEthereumNews.com.

Cryptocurrency analyst Benjamin Cowen suggests that Ethereum is on the verge of reaching cyclical lows against Bitcoin. In a recent video shared with his YouTube audience of 813,000, Cowen highlighted that historical trends indicate a possible bottoming out for the ETH/BTC pair. This prediction is based on past market behaviors observed over the years. What Do Historical Patterns Tell Us? The analyst refers to fractals from 2016 and 2019, asserting they offer insights into upcoming market movements. According to Cowen, these patterns predict that Ethereum may soon hit a low relative to Bitcoin. He points out that the ETH/BTC price trajectory currently mirrors the market structures of past cycles, exhibiting similarities such as forming lower peaks and consolidating before a breakdown, akin to previous years. When Could the Low Levels Occur? Historical analysis reveals that the ETH/BTC lows from previous cycles took several weeks to materialize. In 2016, it took around seven weeks, whereas, in 2019, the cycle took about eight weeks after a range breakdown. Cowen notes that since the pair broke below the range low in late July, we are now in that eighth-week period, suggesting a near-term bottom could occur soon. Drawing from the data, Cowen advises caution, warning against expecting a prolonged downturn. While there might be slight additional declines, a significant extension of this cycle seems unlikely. He indicates that the bottoming out could happen imminently, although the exact timing remains uncertain. Key points from Cowen’s analysis include: Current ETH/BTC dynamics are reminiscent of historical market cycles. Past cycles have shown a pattern of approximately seven to eight weeks to reach a low. ETH/BTC has recently breached a critical threshold, aligning with the predicted timeline for a potential low. Currently, ETH/BTC is valued at 0.0405 BTC, equivalent to $2,544. The prevailing price patterns and historical…

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Filed under: News - @ September 21, 2024 3:21 pm