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Home Ethereum

Analyst Who Correctly Predicted The Ethereum Price Crash Against Bitcoin Reveals Where It’s Headed Next

December 5, 2024
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Analyst Who Correctly Predicted The Ethereum Price Crash Against Bitcoin Reveals Where It’s Headed Next
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Este artículo también está disponible en español.

The Ethereum price has returned above the $3,800 price level on the back of a 5% increase in the past 24 hours. Interestingly, this Ethereum price increase has come amidst a simultaneous increase in the performance of ETH against BTC in recent weeks. 

According to crypto analyst Benjamin Cowen, this recent price action might actually be the earliest stages of Ethereum’s price increase against Bitcoin within the next six to 12 months.

Analysing The ETH/BTC Pair

The last two weeks were highlighted by a consolidation of the Bitcoin price below the $99,000 price level as investors continued to await a break above $100,000. Amidst this Bitcoin price correction, the Ethereum price kickstarted a notable increase from the $3,340 level on November 26. This rally allowed Ethereum and many other altcoins to outperform Bitcoin, leading to speculation about whether the crypto market is now in the initial phases of a long-awaited altcoin season.

Related Reading

According to technical analysis from popular crypto analyst Benjamin Cowen, this might be the earliest recovery stage for the ETH/BTC pair. Taking to social media platform X, Cowen remarked that the ETH/BTC pair recently bottomed out at 0.03187, which aligns closely with his previously forecasted worst-case scenario of 0.03.

Back in 2023, Cowen had predicted a substantial decline in the ETH/BTC pair. Back then, the ETH/BTC pair was trading around 0.066, but he predicted that it could drop by over 45% at that point. Interestingly, this prediction has materialized as Ethereum’s valuation relative to Bitcoin has been on a decline since the last quarter of 2023 up until recent weeks.

See also  Ethereum Breaks Key Resistance In One Massive Move – Higher High Confirms Momentum

Fast forward to December 2024; Ethereum has rebounded and is performing well against Bitcoin. Particularly, the ETH/BTC pair is currently around 0.0396, up 24% from a 2024 low of 0.03187. This resurgence prompted Cowen to re-examine the ETH/BTC pair, and his outlook has turned positive.

 

Ethereum price
Source: X

Historical Trends Suggest A Seasonal Rebound

Cowen highlighted Ethereum’s historical tendencies, noting that the ETH/BTC pair often gains momentum in December or January. If this trend holds and the ETH/BTC pair gains momentum in December, Ethereum may already be in the early stages of recovery. However, if it was to wait until January, a sweep of prior lows at 0.03187 and possibly 0.03 remains possible but increasingly unlikely. He added that within a few months, the exact bottom might become irrelevant.

Related Reading

Looking ahead, Cowen projected a 6-12 month horizon for significant gains in the ETH/BTC pair. Such a move would be highlighted by the Ethereum price outperforming the Bitcoin price and a full altcoin season.

At the time of writing, Ethereum is trading at $3,845. Bitcoin, on the other hand, has finally broken above the $100,000 mark and is currently trading at $103,000. The ETH/BTC pair is currently trading at 0.03755.

Ethereum price chart from Tradingview.com Bitcoin
ETH bulls push for $4,000 | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Este artículo también está disponible en español.

The Ethereum price has returned above the $3,800 price level on the back of a 5% increase in the past 24 hours. Interestingly, this Ethereum price increase has come amidst a simultaneous increase in the performance of ETH against BTC in recent weeks. 

See also  Senator Lummis proposes Fed Bitcoin reserve, funding plan with sale of gold

According to crypto analyst Benjamin Cowen, this recent price action might actually be the earliest stages of Ethereum’s price increase against Bitcoin within the next six to 12 months.

Analysing The ETH/BTC Pair

The last two weeks were highlighted by a consolidation of the Bitcoin price below the $99,000 price level as investors continued to await a break above $100,000. Amidst this Bitcoin price correction, the Ethereum price kickstarted a notable increase from the $3,340 level on November 26. This rally allowed Ethereum and many other altcoins to outperform Bitcoin, leading to speculation about whether the crypto market is now in the initial phases of a long-awaited altcoin season.

Related Reading

According to technical analysis from popular crypto analyst Benjamin Cowen, this might be the earliest recovery stage for the ETH/BTC pair. Taking to social media platform X, Cowen remarked that the ETH/BTC pair recently bottomed out at 0.03187, which aligns closely with his previously forecasted worst-case scenario of 0.03.

Back in 2023, Cowen had predicted a substantial decline in the ETH/BTC pair. Back then, the ETH/BTC pair was trading around 0.066, but he predicted that it could drop by over 45% at that point. Interestingly, this prediction has materialized as Ethereum’s valuation relative to Bitcoin has been on a decline since the last quarter of 2023 up until recent weeks.

Fast forward to December 2024; Ethereum has rebounded and is performing well against Bitcoin. Particularly, the ETH/BTC pair is currently around 0.0396, up 24% from a 2024 low of 0.03187. This resurgence prompted Cowen to re-examine the ETH/BTC pair, and his outlook has turned positive.

See also  Bitcoin Miner Bit Digital Diversifies Into AI for 'Substantially Higher Margin' Than Mining

 

Ethereum price
Source: X

Historical Trends Suggest A Seasonal Rebound

Cowen highlighted Ethereum’s historical tendencies, noting that the ETH/BTC pair often gains momentum in December or January. If this trend holds and the ETH/BTC pair gains momentum in December, Ethereum may already be in the early stages of recovery. However, if it was to wait until January, a sweep of prior lows at 0.03187 and possibly 0.03 remains possible but increasingly unlikely. He added that within a few months, the exact bottom might become irrelevant.

Related Reading

Looking ahead, Cowen projected a 6-12 month horizon for significant gains in the ETH/BTC pair. Such a move would be highlighted by the Ethereum price outperforming the Bitcoin price and a full altcoin season.

At the time of writing, Ethereum is trading at $3,845. Bitcoin, on the other hand, has finally broken above the $100,000 mark and is currently trading at $103,000. The ETH/BTC pair is currently trading at 0.03755.

Ethereum price chart from Tradingview.com Bitcoin
ETH bulls push for $4,000 | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Tags: AnalystBitcoinCorrectlyCrashEthereumheadedPredictedPricereveals

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Crypto Analyst Predicts Where NEAR Is Headed Next

April 7, 2024
The U.S. House Just Passed a Bill Banning the Federal Reserve From Issuing a CBDC

The U.S. House Just Passed a Bill Banning the Federal Reserve From Issuing a CBDC

May 25, 2024
How Bitcoin can help Solana rise to a new ATH

How Bitcoin can help Solana rise to a new ATH

May 19, 2024
Blast launch ‘crossed lines’ in messaging and execution, says Paradigm

Blast launch ‘crossed lines’ in messaging and execution, says Paradigm

November 28, 2023

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