Cryptocurrency analyst Benjamin Cowen stated that Ethereum (ETH) is in a downward trend compared to Bitcoin (BTC) in the short and medium term.
According to Cowen, dynamics and fundamental factors in the crypto market indicate that ETH may weaken further against Bitcoin. Ethereum’s future performance is critical, especially when viewed through the Ethereum/Bitcoin pair.
“My basic view at this point is that Ethereum/Bitcoin will bottom out this summer, Ethereum will bleed some more against the dollar, and then later this year or early next year the Federal Reserve will reimpose its money printing policy.”
Cowen stated that ETH may struggle more in the short term, which may also affect the ETH/USD parity. However, according to Cowen, this downward trend may be temporary. In the long-term outlook, it is predicted that Ethereum may recover against Bitcoin and a bull market may occur in the ETH/BTC pair. However, Cowen thinks that this point has not been reached yet and the downward trend may continue.
An increase in Bitcoin’s dominance level could mean that the ETH/BTC pair could fall another 38% from its current level. This shows that the value of Ethereum against Bitcoin may decrease further. Currently, the ETH/BTC pair is trading at 0.04869000 BTC ($3,070).
Regarding exactly when the ETH/BTC pair will reach the bottom, Cowen added:
“I predict Ethereum/Bitcoin will reach the bottom in June at the earliest. June at the earliest. Towards the middle of June…
But it will also depend on monetary policy. “If we come to June and the Fed still does not reduce the interest rate and still does not switch from quantitative tightening to quantitative easing, this situation may last even longer.”
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