Ethereum

Jerome Powell

Bitcoin

Into The Cryptoverse CEO Benjamin Cowen recently discussed Ethereum’s (<a href="https://crypto.news/price/ethereum/">ETH</a>) performance in relation to Bitcoin’s (<a href="https://crypto.news/bitcoin-price/">BTC)</a> dominance as the flagship digital asset. 
In a recent YouTube video, Cowen suggests a continued rise in Bitcoin dominance (BTC.D), indicating that Ethereum may lag behind and show smaller gains compared to BTC.&nbsp; 
Cowen explains that his crypto portfolio has predominantly held more Bitcoin because he anticipates that BTC will outperform numerous assets, though not all.&nbsp; 
Additionally, Cowen notes that Ethereum against Bitcoin (ETH/BTC) is encountering substantial resistance after falling below the trendline and attempting a retest. 
 You might also like: <a href=" https://crypto.news/bitcoin-and-ethereum-outperform-traditional-assets-in-2023/&nbsp; "> Bitcoin and Ethereum outperform traditional assets in 2023 </a> 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/82lrg4uwjMA8lKHBBOjNbVSl_JKofFgdrOR6-9-VJauoYM55muCUjX7F1-V4wHe92slSOjt1P61v2UkOVI7r5A0aZaL8RB5aK6qyVKLaiWMJWRbGIZpUw40gZFObOZhasYlPyEDuhcaNOzobLfNZGig" alt="Bitcoin price will continue dwarfing Ethereum, top crypto analyst says - 29">
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A BTC rally would result in the breakdown of Ether-Bitcoin, he explained. He pointed out how the&nbsp;ETH/BTC pair finally broke the wedge to the downside, highlighting that it’s akin to what happened in the last cycle. 
As he connects the dots, the Ether-Bitcoin pair is potentially backtesting the trendline that served as support in October 2022, March 2023, June 2023, and September 2023. Since the ETH/BTC pair is now testing from beneath the wedge in November 2023, it could offer a significant resistance level.&nbsp; 
However, Cowen cautions that even if ETH/BTC manages to move above the trendline, the pair will encounter several resistance levels to the upside. These levels must be successfully flipped as support to convincingly reverse the downtrend.&nbsp; 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/LLUbX5TVNeZz7AkpUttSOOOYwTY4MYv6a0AlR1-E2ipzI-Wte2JvTFX3CsG0COSB13INezG17XqD_iPJfG6kjn0fIEoe-IOEfCdU5lTR1AIO-cSMDmAJ1pYfhRt92w1As_ZkJgRvhpxFbK_J2G2kHAA" alt="Bitcoin price will continue dwarfing Ethereum, top crypto analyst says - 30">
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He further explained, stating that, there are numerous resistance levels. Whether one opts to depict them horizontally or analyze them differently, ETH/BTC still faces a significant challenge. It must have to overcome these resistance levels to indicate a meaningful reversal.&nbsp; 
At the time of writing, ETH/BTC is valued at 0.05578 BTC, equivalent to $2,068.80 on Tradingview. Meanwhile, BTC/USDT is valued at $37,112, according to Coingecko.&nbsp; 
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<h2 class="wp-block-heading" id="etf-expectations">ETF expectations&nbsp;</h2> 
The recent surge in Bitcoin and Ethereum has significantly influenced the cryptocurrency market.&nbsp; 
Bitcoin has reached $37,000, marking highs not seen since May 2022. This may be driven by the ongoing expectation that U.S. regulators approve a spot Bitcoin exchange-traded fund (ETF). 
Simultaneously, Ethereum has rallied close to $2,100, reclaiming the $2,000 level for the first time since mid-July. The rise in digital assets, especially XRP, may also be attributed to Bitcoin surpassing $35,000.&nbsp; 
Additionally, <a href="https://crypto.news/us-sec-accepts-blackrocks-spot-bitcoin-etf-application/">news</a> about BlackRock planning to file for an ETH-based ETF may have also fueled Ethereum’s upward momentum.&nbsp; 
Following the anticipation of the ETF <a href="https://crypto.news/analyst-says-bitcoin-etf-approval-may-be-coming-within-days/">approval</a>, which has propelled cryptocurrency prices and related stocks, This rally could be part of a broader uptrend in the crypto sector, recognized as a significant $17.7 trillion opportunity by market strategists.&nbsp; 
However, altcoins like XRP, DOGE, UNI, and XLM have experienced declines, possibly due to a pause in capital rotation towards smaller tokens. 
Fed chair Jerome Powell recently <a href="https://www.reuters.com/markets/currencies/dollar-holds-near-150-yen-ahead-fed-chair-remarks-2023-10-19/" target="_blank" rel="noopener">delivered</a> a policy address to the Economic Club of New York, providing insights into the current state of the US economy and monetary policy.&nbsp; 
This statement is significant given the critical juncture of the U.S. economy, marked by improving inflation figures alongside surging Treasury yields, creating conflicting signals about the direction of monetary policy.&nbsp; 
Interpreted as a signal, Powell’s statement suggests that the Fed might persist with its tightening cycle, contrary to recent market expectations of a more dovish approach. 
 Read more: <a href=" https://crypto.news/bitwise-withdraws-bitcoin-and-ethereum-etf-application/ &nbsp;"> Bitwise withdraws bitcoin and ethereum ETF application </a>

Bitcoin price will continue dwarfing Ethereum, top crypto analyst says

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