Crypto Analyst Benjamin Cowen Forecasts Ethereum (ETH) Struggling Against Bitcoin (BTC) with Implications for the Market
Renowned crypto analyst Benjamin Cowen is issuing a cautionary outlook on the Ethereum (ETH) to Bitcoin (BTC) ratio.
Suggesting a potential collapse in the altcoin’s value relative to Bitcoin amidst signs of weakness in the altcoin markets. Cowen, addressing his large YouTube following of 783,000 subscribers, explains that the ETH/BTC pair could experience a significant drop of over 45% from its current level of 0.066 BTC.
He emphasizes the presence of lower highs in the short term, indicating a potential bearish trend. Although he acknowledges the existence of higher lows over an extended period. Cowen suggests that a possible bullish trend may emerge around the 0.036 BTC level, but notes that a corrective move is likely necessary before any potential recovery or definitive trajectory can be determined for the ETH/BTC valuation.
Clever Robot News Desk 17th June 2023