Benjamin Cowen shared his thoughts on Ethereum’s performance against Bitcoin. Right now, ETH/BTC sits around 0.038. Historically, whenever Ethereum hits its regression band (on the USD chart), that’s when ETH/BTC tends to bottom out. Based on that, Cowen thinks ETH has already bottomed against BTC for this cycle.
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In the short term, he expects ETH/BTC could push up toward 0.04 or slightly above, but he also warns that resistance is likely around those levels. September often marks turning points for Bitcoin dominance, so he believes ETH may find a local top around that time, followed by a pullback. Ideally, ETH would then form a higher low before moving up again.
He also cautions against expecting “the flippening” (ETH overtaking BTC). While ETH has been putting in higher lows over multiple cycles, it also keeps making lower highs. His view is that ETH can still perform well but within the same pattern it has followed before.
Overall, ETH/BTC looks constructive, but Cowen expects some turbulence over the next couple of months with possible recovery into late 2025.
