Benjamin Cowen shares his thoughts on how Ethereum (ETH) is performing compared to Bitcoin (BTC) and what might come next.
Main Takeaways:
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ETH may have already hit bottom vs BTC
Cowen thinks ETH has likely reached its lowest point compared to BTC for this market cycle. In past cycles, ETH usually bottoms when its USD price drops to a key long-term level — and that just happened again. -
ETH is doing better than most altcoins
While many smaller altcoins are still losing value against BTC, ETH has held up better. Cowen believes ETH is a safer and stronger choice than most altcoins right now. -
Pullbacks are still possible
Even though ETH is showing strength, Cowen expects short-term dips — especially around late August or September — as money could rotate back into BTC. This might cause smaller altcoins to drop further. -
Where could ETH go from here?
If ETH follows a similar path to the last cycle, it might rise to around 0.053 BTC, a key level it reached before. However, Cowen notes that price targets are always uncertain. -
ETH is in a sideways range
ETH/BTC is moving in a pattern of higher lows and lower highs. This means it's trading within a narrowing range, and it's not clear yet which way it will break. -
Most altcoins still look weak
Cowen warns that many altcoins could still fall further. Even if some rally briefly, he believes ETH is more likely to perform better over time.
Bottom Line:
Cowen thinks Ethereum has likely bottomed against Bitcoin, and while BTC is still his top pick, he sees ETH as a much stronger option than most altcoins for the rest of this cycle.
