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Ethereum on the Brink of Bottoming Out Against Bitcoin, According to Benjamin Cowen – Here Are His Targets

October 18, 2024

Cryptocurrency analyst Benjamin Cowen is forecasting the likely trajectory of Ethereum (ETH) against Bitcoin (BTC) over the coming weeks and months.

Cowen tells his 866,700 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “likely” to bottom out before the end of this year.

According to Cowen, the ETH/BTC pair is unlikely to fall by over 20% from the current level.

“If you were bullish on ETH/BTC at 0.08, but bearish on it at 0.038, then the market has completely tricked you.

Yes, ETH/BTC could go lower, but the time to make the trade was 2 years ago, not today.

ETH/BTC will likely bottom out *THIS QUARTER* (Q4 2024) between 0.03-0.04 (which is the current range).

If 0.038 is not the bottom, then 0.036 is likely the next stop. Worst-case scenario is 0.03 but I highly doubt it goes that low.”

ETH is trading at 0.03891 BTC ($2,617) at time of writing.

Turning to the Ethereum/US dollar pair, the widely followed analyst says that ETH/USD could turn bullish next year.

“ETH/USD will likely be weak until end-of-year just like 2016 and 2019 (also years where ETH/BTC broke down), but I think it will find some renewed strength in 2025.”

Cowen further says that Bitcoin dominance, the ratio of Bitcoin’s market cap relative to the other crypto assets, is likely to top out at approximately 60% before the end of the year and trend downwards in 2025.

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