Is Ethereum Going To Keep Underperforming Bitcoin? Here's What Technical Analysis Says
Portfolio Pulse from Khyathi Dalal
Cryptocurrency expert Benjamin Cowen discusses the ETH/BTC ratio, noting it has reached the 0.04 level. Despite Ethereum's recent developments, monetary policy has influenced its performance against Bitcoin. Cowen expects Bitcoin dominance to peak at 60% before a trend reversal, suggesting continued struggles for the altcoin market. He predicts the ETH/BTC ratio may drop below 0.04 before year-end but sees a potential rise in 2025.
August 08, 2024 | 2:26 pm
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NEGATIVE IMPACT
Despite recent developments, Ethereum's performance is influenced by monetary policy. The ETH/BTC ratio may drop below 0.04 before year-end, indicating potential short-term downside for Ethereum.
Cowen's analysis indicates that Ethereum may face short-term downside as the ETH/BTC ratio could drop below 0.04 before year-end.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin dominance is expected to peak at 60%, suggesting continued strength in Bitcoin's market position. This could lead to further gains in Bitcoin's price in the short term.
Cowen's analysis suggests Bitcoin will continue to dominate the market, which is likely to drive its price higher in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80