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ethereum price has returned above the $3,800 price level thanks to a 5% increase in the last 24 hours. Interestingly, this ethereum price surge came amidst a simultaneous increase in eth yield against btc in recent weeks.
According to crypto analyst Benjamin Cowen, this recent price action could actually be the early stages of ethereum's price rise against bitcoin within the next six to 12 months.
Analyzing the eth/btc pair
The last two weeks stood out for a consolidation of bitcoin price below the $99,000 price level as investors continued to wait for a break above $100,000. Amid this bitcoin price correction, ethereum price started a notable rise from the $3,340 level on November 26. This rally allowed ethereum and many other altcoins to outperform bitcoin, leading to speculation about whether the cryptocurrency market is now in business.<a target="_blank" href="https://bitcoinist.com/bitcoin-market-dominance-slows-down-is-altcoin-season-here-already/” rel=”nofollow”> Initial phases of a long-awaited altcoin season.
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<a target="_blank" href="https://x.com/intocryptoverse/status/1864329794361385099″ rel=”nofollow”>According to technical analysis According to popular crypto analyst Benjamin Cowen, this could be the first stage of recovery for the eth/btc pair. On social media platform
In 2023, Cowen had predicted a substantial decline in the eth/btc pair. Back then, the eth/btc pair was trading around 0.066, but he predicted that it could drop more than 45% at that time. Interestingly, this prediction has come to fruition as ethereum's valuation relative to bitcoin has been declining since the last quarter of 2023 until the last few weeks.
Fast forward to December 2024; ethereum has recovered and is performing well against bitcoin. Notably, the eth/btc pair is currently around 0.0396, up 24% from a 2024 low of 0.03187. This resurgence led Cowen to reexamine the eth/btc pair, and his outlook turned positive.
Historical trends suggest a seasonal rebound
Cowen highlighted ethereum's historical trends and noted that the eth/btc pair often gains momentum in December or January. If this trend continues and the eth/btc pair gains momentum in December, ethereum may already be in the early stages of recovery. However, if one waits until January, a break above the previous lows at 0.03187 and possibly 0.03 remains possible, although increasingly unlikely. He added that within a few months, the exact background could become irrelevant.
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Looking ahead, Cowen projected a 6-12 month horizon for significant gains in the eth/btc pair. Such a move would be highlighted by the price of ethereum outperforming the price of bitcoin and an entire season of altcoins.
At the time of writing, ethereum is trading at $3,845. bitcoin, for its part, has finally broken up the $100,000 mark and is currently trading at $103,000. The eth/btc pair is currently trading at 0.03755.
Featured image created with Dall.E, chart from Tradingview.com
