Amid the turbulence surrounding the cryptocurrency market, popular Into The Cryptoverse Founder and Chief Executive Officer (CEO) Benjamin Cowen has grabbed the spotlight to share his thoughts on the recent bearish trend seen in the ethereum/bitcoin pair. (eth/btc). by cowen x.com/intocryptoverse/status/1788062766835585397″ target=”_blank” rel=”nofollow”>points of view Examine the complex relationship between ethereum and bitcoin prices and the potential for further downside risks.
According to Benjamin Cowen, the eth/btc The pair is currently on the downside, and the last two times the pair went down, ETHUSD witnessed a sharp drop of around 70%. Since the crypto community has been eagerly anticipating an Altcoin season for the past two and a half years, Cowen believes it is crucial to warn the community that there is still a possibility of a downward move.
eth/btc Pair Rejected by Bull Market Band
Cowen also has x.com/intocryptoverse/status/1787619963349401821″ target=”_blank” rel=”nofollow”>confirmed that eth/btc is currently being rejected by the bull market support band, which he previously predicted days ago due to a price surge. “I would expect (eth/btc) to be rejected by the bull market support band, at least when looking at the weekly closes ($0.053-$0.054),” he stated. He further noted that the pump appears to be reflecting the latest cycle of rate cuts just before the summer capitulation.
After the launch of bitcoin Spot Exchange Traded Funds (ETFs)Cowen mentioned that eth/btc saw a strong rally. The analyst claims that the rally was likely similar to the trend of the previous bull cycle, ushering in new lows.
Additionally, Cowen stated that there has been an unquestionable bearish macro trend since November 2021, particularly following the eth/btc pair merger. However, it is also evident that the market did not decline abruptly.
As a result, investors held eth instead of btc from 0.085 to 0.048 due to multiple lower highs, giving the impression that it was holding up quite well.
Before the bitcoin Halving, Cowen predicted that the bull market support band would reject eth/btc, at least when considering the weekly closes ($0.053-$0.054), should there be a bounce after the Halving, similar to that seen with the launch of the Spot ETF of btc. Regardless of what happens, the expert is confident that eth/btc will reach between $0.03 and $0.04 this summer.
Greater divergence between ethereum and bitcoin
Being the two main cryptocurrency assets, there is a lot of interest around ethereum and bitcoin. However, on-chain analytics company Glassnode has x.com/glassnode/status/1787851484878536711″ target=”_blank” rel=”nofollow”>highlighted a change in performance between both digital assets.
According to the firm, the performance of ethereum and bitcoin has been increasingly divergent so far in the 2023-2024 cycle. This is due to the worse performance of the eth price, which is explained by a generally weaker trend in capital turnover. Furthermore, this is evident when particularly compared to previous cycles and all-time highs.
Featured image from iStock, chart from Tradingview.com
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