Cryptocurrency analyst Benjamin Cowen is sharing a bearish outlook on Ethereum (ETH) compared to Bitcoin (BTC) in the short to medium term. In a recent video, Cowen, who has a substantial following of 799,000 subscribers on YouTube, explains that the ETH/BTC pair still has room to decline. He believes that Ethereum’s valuation against Bitcoin will reach its lowest point this summer, while Ethereum’s value against the US dollar will continue to drop for a little longer. Cowen predicts that the Federal Reserve will eventually resume printing money, leading to a bullish phase for the Ethereum/Bitcoin valuation, but he doesn’t believe that time has come yet.
According to Cowen, as Bitcoin’s dominance increases, the ETH/BTC pair could potentially drop by up to 38% from its current level. At the time of writing, the ETH/BTC pair is trading at 0.04869000 BTC ($3,070).
When asked about the expected bottoming out of the ETH/BTC pair, Cowen suggests that it could happen as early as June, but emphasizes that it will also depend on monetary policy. If the Federal Reserve doesn’t cut rates or transition from quantitative tightening to quantitative easing by June, the decline may continue.
Please note that the opinions expressed by Cowen are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades in these markets are at the investor’s own risk, and any losses incurred are their responsibility. The Daily Hodl, where this article was originally published, does not endorse the buying or selling of cryptocurrencies or digital assets, and it is not an investment advisor.
