Benjamin Cowen Predicts Collapse in Ethereum (ETH) Against Bitcoin (BTC) – Here’s His Outlook – The Daily Hodl

Widely followed crypto analyst Benjamin Cowen is warning of a possible Ethereum (ETH) collapse relative to Bitcoin (BTC) as the altcoin markets continue to flash signs of weakness.

In a new strategy session, Cowen tells his 783,000 YouTube subscribers that the ETH/BTC pair could drop more than 45% from its current value of 0.066 BTC, worth $1,650.

According to Cowen, the ETH/BTC pair could potentially ignite a recovery rally later this year after witnessing a deep retracement.

“As far as I can tell, all we’ve seen with the Ethereum/Bitcoin valuation is a series of lower highs, at least in the short term.

Now, I will remind you that over a longer period of time, we have seen a series of higher lows, but we’ve also had lower highs from 2017. So there’s this element here of perhaps the time to consider a more likely bullish trend is somewhere down here [at the 0.036 BTC level]. And maybe it’s down here that we can then start to speculate about some type of recovery.”

Cowen also highlights that any chance of a rally is likely out of the table for ETH/BTC until it completes the corrective move.

“But I still do think that this part is going to be a necessary component whether you want to argue that the Ethereum/Bitcoin valuation is an oscillator and it has to come back down here [to the 0.019 BTC level] or whether you want to argue that it’ll eventually come back up this way. I think no matter what, it likely has to come back down in the short term before we figure out the ultimate trajectory of the Ethereum/Bitcoin valuation.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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• Source: https://dailyhodl.com/2023/06/15/benjamin-cowen-predicts-collapse-in-ethereum-eth-against-bitcoin-btc-heres-his-outlook/