Ethereum on the Brink of Bottoming Out Against Bitcoin, According to Benjamin Cowen – Here Are His Targets

Cryptocurrency analyst Benjamin Cowen is forecasting the likely trajectory of Ethereum ( ETH ) against Bitcoin ( BTC ) over the coming weeks and months.

Cowen tells his 866,700 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “likely” to bottom out before the end of this year.

According to Cowen, the ETH/BTC pair is unlikely to fall by over 20% from the current level.

“If you were bullish on ETH/BTC at 0.08, but bearish on it at 0.038, then the market has completely tricked you.

Yes, ETH/BTC could go lower, but the time to make the trade was 2 years ago, not today.

ETH/BTC will likely bottom out *THIS QUARTER* (Q4 2024) between 0.03-0.04 (which is the current range).

If 0.038 is not the bottom, then 0.036 is likely the next stop. Worst-case scenario is 0.03 but I highly doubt it goes that low.”

Source: Benjamin Cowen/X

ETH is trading at 0.03891 BTC ($2,617) at time of writing.

Turning to the Ethereum/US dollar pair, the widely followed analyst says that ETH/USD could turn bullish next year.

“ETH/USD will likely be weak until end-of-year just like 2016 and 2019 (also years where ETH/BTC broke down), but I think it will find some renewed strength in 2025.”

Source: Benjamin Cowen/X

Cowen further says that Bitcoin dominance, the ratio of Bitcoin’s market cap relative to the other crypto assets, is likely to top out at approximately 60% before the end of the year and trend downwards in 2025.

Source: Benjamin Cowen/X Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

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