Renowned crypto analyst Benjamin Cowen believes Ethereum is in its ‘final stages of capitulation’ against Bitcoin. This is a pivotal moment for the Ethereum vs. Bitcoin (ETH/BTC) pair as it may soon reach its cycle bottom. According to Cowen, although Bitcoin’s dominance is increasing, Ethereum might be approaching a point of stabilization.
In a recent YouTube update, Cowen shared with his 813,000 subscribers that all altcoins, including Ethereum, will eventually bottom out against Bitcoin. The continuous rise in Bitcoin’s dominance level suggests that the ETH/BTC pair might witness another decline before it stabilizes.
Bitcoin Dominance and Its Impact
Bitcoin’s dominance—which compares BTC’s market cap against all other crypto assets—is currently in an uptrend, standing at 57.64% according to TradingView. Cowen believes this dominance could climb to about 60%, indicating that the Ethereum vs. Bitcoin pair might still see another leg down before bottoming out.
“I still think that Bitcoin dominance is in an uptrend… I think it will go probably to approximately 60%, so I don’t think Bitcoin dominance has topped, which is why ETH/BTC could go a little bit lower.”
Potential for Ethereum’s Stabilization
However, Cowen also notes that Ethereum could bottom out against Bitcoin sooner than other altcoins. This scenario may unfold even before the broader altcoin market prints their cycle lows.
“There does exist a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against Bitcoin… They don’t all have to happen at the same time. Some assets will bottom out against Bitcoin well before other assets.”
Currently, Ethereum vs. Bitcoin stands at 0.04125 BTC (approximately $2,597). According to Cowen, ETH/BTC is in its final stages of capitulation, suggesting a potential bottoming out soon.
“It looks like ETH/BTC is in its final stages of capitulation. I don’t know how low it’s going to go but I do believe this represents the final capitulation for ETH/BTC and it’s going to bottom out relatively soon.”
The worst-case scenario, Cowen mentions, would involve a temporary bounce to the upside followed by a lower low in December.
Click Here For More Trading tips and strategies.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
