Cryptocurrency analyst Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) relative to Bitcoin (BTC) over the quick to medium time period.
In a brand new video, Cowen tells his 799,000 YouTube subscribers that the Ethereum/Bitcoin (ETH/BTC) pair has additional room to fall.
“My base case at this time limit is that Ethereum/Bitcoin bottoms this summer time, Ethereum/US greenback bleeds a little bit bit longer after which in some unspecified time in the future later this 12 months or early subsequent 12 months the Federal Reserve will flip the cash printer again on. After which you will note a bull part for the Ethereum/Bitcoin valuation. However I don’t suppose we’re there but. I don’t.”
In response to Cowen, the ETH/BTC pair might fall by as much as 38% from the present degree as Bitcoin’s dominance degree rises.
ETH/BTC is buying and selling at 0.04869000 BTC ($3,070) at time of writing.
On when precisely the ETH/BTC pair might backside out, Cowen says,
“June, on the earliest, is my guess that Ethereum/Bitcoin bottoms out. June on the earliest. About mid-June…
Nevertheless it’s additionally going to be depending on financial coverage. If we get to June and the Federal Reserve remains to be not chopping charges they usually’re nonetheless not going from quantitative tightening to quantitative easing, then it’d go on longer.”
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