Ethereum

Jerome Powell

Bitcoin

<div class="cryptonews">
 <p class="is-style-lead">Into The Cryptoverse CEO Benjamin Cowen recently discussed Ethereum’s (ETH) performance in relation to Bitcoin’s (BTC) dominance as the flagship digital asset.</p>
 <p>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;</p>
 <p>Cowen explains that his <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> portfolio has predominantly held more Bitcoin because he anticipates that BTC will outperform numerous assets, though not all.&nbsp;</p>
 <p>Additionally, Cowen notes that Ethereum against Bitcoin (ETH/BTC) is encountering substantial resistance after falling below the trendline and attempting a retest.</p>
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 <p>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.</p>
 <p>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;</p>
 <p>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;</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/LLUbX5TVNeZz7AkpUttSOOOYwTY4MYv6a0AlR1-E2ipzI-Wte2JvTFX3CsG0COSB13INezG17XqD_iPJfG6kjn0fIEoe-IOEfCdU5lTR1AIO-cSMDmAJ1pYfhRt92w1As_ZkJgRvhpxFbK_J2G2kHAA" alt="Bitcoin price will continue dwarfing Ethereum, top crypto analyst says - 2">
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 <p>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;</p>
 <p>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;</p>
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 <h2 class="wp-block-heading" id="etf-expectations">ETF expectations&nbsp;</h2>
 <p>The recent surge in Bitcoin and Ethereum has significantly influenced the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market.&nbsp;</p>
 <p>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).</p>
 <p>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;</p>
 <p>Additionally, news about BlackRock planning to file for an ETH-based ETF may have also fueled Ethereum’s upward momentum.&nbsp;</p>
 <p>Following the anticipation of the ETF approval, which has propelled <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency prices and related stocks, This rally could be part of a broader uptrend in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> sector, recognized as a significant $17.7 trillion opportunity by market strategists.&nbsp;</p>
 <p>However, altcoins like XRP, DOGE, UNI, and XLM have experienced declines, possibly due to a pause in capital rotation towards smaller tokens.</p>
 <p>Fed chair Jerome Powell recently delivered a policy address to the Economic Club of New York, providing insights into the current state of the US economy and monetary policy.&nbsp;</p>
 <p>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;</p>
 <p>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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-will-continue-dwarfing-ethereum-top-crypto-analyst-says-tbt69968.html">https://thebittimes.com/bitcoin-price-will-continue-dwarfing-ethereum-top-crypto-analyst-says-tbt69968.html</a></p>

Bitcoin price will continue dwarfing Ethereum, top crypto analyst says

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