• Ethereum is currently losing traction against Bitcoin as a top analyst pointed out.
  • With Ethereum’s Window of Weakness incoming, only ETF sentiment can positively change the narrative.

Prominent crypto analyst, Benjamin Cowen, warns of a major turning point for Ethereum (ETH) in its ongoing battle against Bitcoin (BTC). With the ETH/BTC ratio pegged at 0.05483 BTC ($2,010) at the time of writing, Cowen suggests that the next few weeks will be crucial in determining the fate of Ethereum in comparison to its dominant counterpart.

The Current State of ETH/BTC Ratio

Cowen, addressing his large YouTube subscribers, emphasizes the impending “decision time” for the ETH/BTC ratio. He points out that the ratio has been in a downtrend, especially since the merge, and currently stands at a critical juncture. 

The analyst’s base view predicts a further decline in Ethereum’s Bitcoin valuation, aiming for a range between 0.03 BTC to 0.04 BTC. According to Cowen, only from this level could Ethereum potentially initiate an upward trend against Bitcoin.

Despite the technical aspects of a descending wedge, Cowen leans towards a bearish outcome for Ethereum against Bitcoin. He attributes this stance to the rise in Bitcoin dominance, leading many altcoins to bleed. The analyst acknowledges that while descending wedges often break upwards, the prevailing market conditions may favor a downside breakout.

Cowen goes into detail about why the next few weeks are critical for Ethereum’s future against Bitcoin. He mentions the historical seasonality of Ethereum gaining strength against Bitcoin, which is usually seen in mid-December or early January. However, the expert believes that the current timeframe is characterized by a “window of weakness” for the ETH/BTC pair, which is expected to last three to five weeks.

Future Scenarios and Market Dynamics for ETH/BTC Pair

While Cowen acknowledges the possibility of short-term rebounds in the ETH/BTC ratio, he remains cautious about the overall trajectory. The analyst suggests that Ethereum’s weakness against Bitcoin could persist within the mentioned window, even if temporary climbs occur. 

He highlights the importance of monitoring the critical levels, such as 0.057 BTC or 0.058 BTC, and emphasizes that the window of weakness is a factor to consider in evaluating Ethereum’s future performance.

Amid these predictions, Ethereum has recently exhibited significant price volatility. Although the native cryptocurrency briefly surged to $2,125, it faced pressure in the broader market sell-off, retracing to its current price of $2,024 with a market cap of $243 billion. Ethereum has fallen below the crucial resistance of $2,080, indicating challenges below the 23.6 percent Fibonacci retracement level.

Despite the short-term challenges, Ethereum’s future could hinge on increased buying pressure from both retail and institutional investors. Notably, market sentiment has been influenced by BlackRock’s application for an Ethereum ETF. This heightened attention could play a crucial role in shaping Ethereum’s trajectory in the coming weeks.

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