Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	443,710,371,665	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

443,710,371,665

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	24.28	0.66%	3,688.47	3,687.61	3,687.98

Price Change

Price Change %

Current Price

Bid Price

Offer

24.28

0.66%

3,688.47

3,687.61

3,687.98

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,841.24	3,625.58	3,668.06	3,664.19	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,841.24

3,625.58

3,668.06

3,664.19

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
CRTO	20:33:20	1.30	3,691.25	USD

Exchange

Last Trade

Size

Trade Price

Currency

CRTO

20:33:20

1.30

3,691.25

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,062,860,786.49	284,634.58	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,062,860,786.49

284,634.58

Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin

30/04/2024 10:00pm

NEWSBTC

A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin, however, under certain conditions. Analyst Predicts ETH/BTC Bottom Timeline In a recent X (formerly Twitter) post, crypto analyst and founder of ITC Crypto, Benjamin Cowen, shared his forecast regarding the Ethereum to Bitcoin price ratio, projecting the timeline for when ETH/BTC would hit its lowest value in the current market cycle. Sharing insights on the market conditions, Cowen noted striking similarities between the present market’s dynamics and the one seen in 2019. He disclosed that ETH/BTC’s recent bounce mirrored the market’s behavior in 2019, two months before the Federal Reserve (FED) cut down rates. Cowen predicts that the ETH/BTC ratio will reach the lowest point in its price cycle when the FED makes a significant change in its monetary policy, often referred to as a “pivot.” The crypto expert expects this pivot to occur in a few months, ultimately suggesting that Ethereum would bottom against Bitcoin in the coming months. His analysis is also based on the assumption that macroeconomic conditions and the FED’s monetary policies can significantly impact the cryptocurrency market. Sharing a price chart of Ethereum against Bitcoin in another post, Cowen projected that the ETH/BTC ratio will head towards a range of 0.03 and 0.04 by summer. Commenting on his prediction of ETH/BTC’s bottom, a crypto community member expressed skepticism about the FED’s likelihood of cutting down rates while inflation was still high. Cowen responded that the absence of a rate cut further reinforced his beliefs that the ETH/BTC ratio has not yet reached its lowest point. He suggests that unless inflationary pressures are addressed, the ETH/BTC ratio may continue on its downward trend. Crypto Expert Calls Ethereum A Higher Risk Asset In another post, Cowen referred to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. The crypto analyst’s forecast on Ethereum against Bitcoin is underpinned by his interpretation of capital migration dynamics, suggesting that higher-risk assets typically depreciate relative to lower-risk assets. He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving event. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market support band, particularly in the context of weekly closing prices, estimated to range between $0.053 to $0.054. While acknowledging his past successes in predicting ETH/BTC price movements, Cowen highlighted that his predictions remain speculative, stating, “Just because I have been right so far about ETH/BTC does not mean I will continue being right.” ETH bulls fail to hold $3,000 | Source: ETHUSDT on Tradingview.com Featured image from Finbold, chart from Tradingview.com

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