Significant Downside Move for Ethereum Against Bitcoin Looming, Says Benjamin Cowen – Here Are His Targets

Crypto analyst Benjamin Cowen is saying that Ethereum (ETH) is likely to significantly underperform Bitcoin (BTC) over the near term.

Cowen tells his 787,000 YouTube subscribers that a severe plunge by the Ethereum/Bitcoin (ETH/BTC) pair could mark the end of the downward movement of altcoin prices.

“I myself will flip bullish on the Ether/Bitcoin pair. it’s just that at this phase of the cycle I think it’s more likely to keep going down than to go up in the short term. That’s my view…

When I look at this chart, it simply looks like there’s a much more likely chance that it breaks to the downside…

At some point in this fade, we likely get a more significant move to the downside to mark the end of the altcoin reckoning.”

According to the widely followed crypto analyst, if the ETH/BTC pair mimics the price action demonstrated during the 2018/2019 bear market, it could plunge by around 35% from its 2022 low.

“Just for the record 35% below that wick [2022 low] would put you at around 0.03200000 BTC.

I think there’s still reason to believe that something like that could happen, that the Ether/Bitcoin pair could see a significant sell-off into the end of the year where it completely takes out this wick [0.04908000 BTC] and a lot of people might think that that wick is going to be the low. And then we just end up going lower.”

Generated Image: Midjourney

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