- Amid turbulence surrounding the crypto market, popular founder and Chief Executive Officer (CEO) of Into The Cryptoverse Benjamin Cowen has taken the spotlight to shed his insights on the recent downtrend observed in the Ethereum/Bitcoin (ETH/BTC) pair.
- According to Benjamin Cowen, the ETH/BTC pair is currently on the downside, and the last 2 times that the pair declined, ETHUSD witnessed a steep decline of around 70%.
- Cowen has also confirmed that ETH/BTC is presently being rejected by the bull market support band, which he previously predicted days back due to a price pump.
Benjamin Cowen, CEO of Into The Cryptoverse, provides expert analysis on the current downtrend in the Ethereum/Bitcoin (ETH/BTC) pair and the potential for further downside risk.
ETH/BTC Pair Rejected By The Bull Market Band
Cowen has confirmed that the ETH/BTC pair is currently being rejected by the bull market support band, a prediction he made days ago due to a price pump. He further noted that the pump appears to be mirroring the last cycle of rate cuts right before summer capitulation. Following the launch of Bitcoin Spot Exchange-Traded Funds (ETFs), Cowen mentioned that ETH/BTC saw a sharp rally, similar to the trend of the previous bull cycle.
Heightened Divergence Between Ethereum And Bitcoin
On-chain analytics firm Glassnode has highlighted a shift in performance between Ethereum and Bitcoin. According to the firm, the performance of Ethereum and Bitcoin has been increasingly diverging so far in the 2023–2024 cycle. This is due to poorer performance in ETH price, which is explained by a generally weaker trend in capital rotation.
Conclusion
Despite the current downtrend in the ETH/BTC pair, Cowen remains confident that the pair will reach between $0.03 and $0.04 by this summer. However, investors should be aware of the potential for further downside risk and the increasing divergence between Ethereum and Bitcoin.
