Cryptocurrency analyst Benjamin Cowen is forecasting that Ethereum could be in the process of carving cycle lows against Bitcoin (ETH/BTC).
In a video update, Cowen tells his 813,000 YouTube subscribers that based on historical precedent, the bottom for the Ethereum/Bitcoin pair is close at hand.
“One of the things I have mentioned before is the 2016 and 2019 fractals. If you look at either of these fractals, it would suggest that the bottom for Ethereum/Bitcoin is going to happen relatively soon.”
Looking closer at the price action of ETH/BTC, Cowen says the pair’s current market structure appears to be following in the footsteps of its 2016 and 2019 price action. The analyst says that in this cycle, ETH/BTC printed a lower high and consolidated above the range lows for a time before breaking down – very similar to what happened during the 2016 and 2019 cycles.
Cowen adds that the timing for the ETH/BTC bottom appears to be closely following the 2016 and 2019 cycles as well.
“It took about seven weeks for Ethereum/Bitcoin to bottom – that was in 2016.
Now if you look at 2019, after it broke the range low, it took about eight weeks to bottom. So you have seven weeks and then you have eight weeks. So how long has it been?
It looks like it broke below its [range low] the week of July 22nd. So it’s already been eight weeks, it’s been eight weeks already.
In terms of time, it would be dangerous to assume that it’s going to go a lot lower. It could go a little lower but it would be dangerous to assume it’s going to go a lot lower in terms of time.
Now when does it actually bottom? It could be this week, it could be next week. I don’t really know. But my guess is that it’s going to happen sometime soon.”
At time of writing, ETH/BTC is trading for 0.0405 BTC worth $2,544.
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