The analyses conducted in the cryptocurrency markets are of great importance for investors in predicting future price movements. One of the most striking examples of these analyses is the technical evaluations made by experienced analyst Benjamin Cowen. Cowen, especially Ethereum$ETH
Focusing on the movements of the pair against Bitcoin (ETH/BTC), he states that this pair may be in a new downtrend due to similar price behavior in historical cycles.
Cowen uses an analysis method based on historical price movements of the Ethereum and Bitcoin pair. According to the analyst, markets often repeat certain cyclical structures, and these fractals parallel the price movements of the past years. In particular, the ETH/BTC pair has had a pronounced cyclical structure in the past, and Cowen believes that this structure coincides with the current market conditions.
Cowen’s assessments are related to the ETH/BTC price movements in 2016 and 2019. In both periods, Ethereum formed a “lower high” formation against Bitcoin, meaning it made lower peaks without reaching previous peaks. Such market behavior provides a strong signal for investors that the downtrend is continuing. Cowen argues that a similar movement is repeated in the current cycle and that the ETH/BTC pair is following the price movements of 2016 and 2019.
Cowen pays special attention to time frames when examining the price movements between Ethereum and Bitcoin. In 2016, it took about seven weeks for the ETH/BTC pair to reach its bottom. In 2019, this period extended to eight weeks. Taking these two historical data into account, Cowen predicts a similar time frame for 2024. According to the analyst, the ETH/BTC pair fell below a critical support level in the week of July 22, and it has been eight weeks since then. Therefore, Cowen thinks that the bottom of ETH/BTC is now close.
According to Cowen’s analysis, evaluating the current state of ETH/BTC is of critical importance in terms of time. Based on the 2016 and 2019 fractals, he emphasizes that it would be a dangerous assumption for the ETH/BTC pair to decline further in the current market structure. What is important here is the stage of the decline process in time. Although Cowen admits that there may be further declines, he warns that this process will not last long and that a bottom may form soon.
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