The fog over the cryptocurrency market is slowly clearing. In this positive environment, the leading altcoin Ethereum made a strong run, fueled by spot ETF news. However, one crypto analyst with a large following warns that Ethereum (ETH) will underperform compared to Bitcoin (BTC) for a while.
As Bitcoin advances, the leading altcoin will be left behind!
cryptokoin.comAs you can see from , there is a spring atmosphere in the market. Leading cryptocurrency Bitcoin maintains its position above 37 thousand dollars. Leading altcoin Ethereum is also maintaining the gains of its recent rally. In a new video update, crypto analyst Benjamin Cowen gives his followers the scoop on the latest developments. Cowen says he believes Bitcoin dominance (BTC.D) will continue to rise. Therefore, he suggests that Ethereum will be left behind.
BTC.D is an indicator that tracks the percentage of the total market cap of Bitcoin. A rising BTC.D chart indicates that altcoins in general are making lower gains than BTC. This includes the leading altcoin Ethereum. Cowen explains his views as follows:
For the last few years my crypto portfolio has mainly consisted of just Bitcoin. Because I think it will outperform most of the rest of the market. It will outperform most of the rest of the market, but not the market as a whole. That’s why his dominance increased even more.
ETH/BTC pair faces significant resistance
Against Bitcoin, Ethereum (ETH/BTC) is facing significant resistance after falling below a trend line and trying to retest it, says Benjamin Cowen. The master analyst explains his views on this subject as follows:
It is Bitcoin rallies that are driving Ether-Bitcoin down. And look at this ETH/BTC crash. It finally broke this wedge on the downside… The same thing it did last cycle… And now we find ourselves with the Ether-Bitcoin pair potentially holding this trend line as support in October 2022, March 2023, and June 2023, and September 2023 If I connect the points where the line backtests, we find it in a position. Now it is testing from below in November 2023. Now, I would argue that this could offer a significant resistance level.
Analyst warns for Ethereum/Bitcoin parity!
Benjamin Cowen warns that even if ETH/BTC makes a move above the trend line, the altcoin/Bitcoin pair will face a series of resistance levels on the upside that it must turn into support to convincingly reverse the downtrend. He expresses this warning as follows:
There are all these resistance levels. You can plot them horizontally if you want and look at some of these resistance levels that Ether-Bitcoin is trying to hold. He has a lot to overcome to prove a point.
Meanwhile, ETH/BTC was trading at 0.0560 BTC ($2,093) at the time of writing.
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