Ethereum's Bottom Against Bitcoin 'Still Likely A Few Months Away,' Predicts Crypto Analyst
Portfolio Pulse from Khyathi Dalal
Cryptocurrency analyst Benjamin Cowen predicts further bearish momentum for Ethereum (ETH) against Bitcoin (BTC), suggesting the ETH/BTC ratio's bottom is still months away, likely pending a Federal Reserve policy pivot. Despite a recent market pump, Cowen draws parallels to 2019's pre-rate cut scenario, indicating a potential short-lived rally. Ethereum has seen a 6.66% increase against Bitcoin in the past week but is down over longer periods. The analysis underscores the impact of macroeconomic factors on cryptocurrencies.
April 29, 2024 | 5:58 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Ethereum (ETH) is predicted to experience further bearish momentum against Bitcoin, with its bottom against BTC likely months away, influenced by macroeconomic factors and Federal Reserve policies.
Cowen's prediction is based on historical parallels and the anticipation of Federal Reserve policy changes, suggesting that the recent rally in ETH/BTC may be short-lived. This analysis, combined with the recent performance data, indicates a bearish outlook for Ethereum in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Bitcoin (BTC) is positioned to potentially benefit in the short term from the bearish momentum predicted for the Ethereum to Bitcoin (ETH/BTC) pair trade, as indicated by analyst Benjamin Cowen.
Given the bearish outlook for Ethereum against Bitcoin, BTC may experience relative strength or stability in the short term, especially if the ETH/BTC ratio continues to decline as predicted by Cowen. This scenario is contingent on broader market reactions and the anticipated Federal Reserve policy pivot.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70