Ethereum

Bitcoin

<p><strong>Popular crypto analyst Benjamin Cowen believes the long-awaited “altcoin reckoning” will likely only conclude once the Ethereum/Bitcoin ratio collapses.</strong></p>
<p><a href="https://x.com/intocryptoverse/status/1713663914083246538?s=20" target="_blank" rel="noopener noreferrer nofollow">Speaking</a> to his 700k Twitter followers this Sunday, Cowen noted that the ETH/BTC ratio has been putting in lower highs and lower lows ever since the Ethereum merge event in September. This price action indicates bearish momentum for Ethereum against Bitcoin.</p>
<p><em>“The altcoin reckoning will likely only be over after the collapse of the #ETH / #BTC ratio occurs. I know people are hopeful that this won’t play out, but the ratio has been putting in lower highs and lower lows since <a href="https://www.investopedia.com/the-ethereum-merge-6504132#:~:text=The%20Ethereum%20Merge%20is%20a,the%20new%20Ethereum%20Beacon%20Chain." target="_blank" rel="noopener noreferrer nofollow">the merge</a>,” </em>tweeted Cowen.</p>
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<p>In addition, Cowen pointed out that Ethereum’s dominance has continued its descent. As ETH dominance declines, Bitcoin’s dominance rises. This dynamic points to funds rotating out of altcoins and into BTC.</p>
<p>At the weekly close, Bitcoin and Ethereum were trading around $27.1k and $1560 respectively after losing 2.7% and 4.5% over the last 7 days. The ETH/BTC ratio currently sits just below 0.06.</p>
<p>Cowen’s analysis indicates that the multi-month correction in altcoins may persist until Ethereum loses significant ground compared to Bitcoin. Since altcoins tend to follow Ethereum’s price movements, an ETH/BTC breakdown could precede the final capitulation leg for the broader altcoin market.</p>
<p>Investors anxiously await the climax of this painful correction period. Cowen’s metrics suggest the road may remain bumpy in the near-term as the market searches for a definitive bottom. Once the ETH/BTC ratio bottoms out, traders can potentially look for renewed accumulation opportunities across altcoins.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/benjamin-cowen-says-ethereum-bitcoin-ratio-is-the-key-for-altcoin-reckoning-heres-why/">Benjamin Cowen Says Ethereum/Bitcoin Ratio is the Key for Altcoin Reckoning – Here’s Why</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Benjamin Cowen Says Ethereum/Bitcoin Ratio is the Key for Altcoin Reckoning – Here’s Why

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