The Potential Rise of Ethereum Against Bitcoin: Analyst Predicts Positive Outlook

The Ethereum price has surged above $3,800, marking a 5% increase in the past 24 hours. Notably, this rise in Ethereum’s price coincides with a significant improvement in ETH’s performance against BTC in recent weeks.

Crypto analyst Benjamin Cowen suggests that this recent price action could signal the early stages of Ethereum’s price surge against Bitcoin over the next six to 12 months.

Analyzing the ETH/BTC Pair

In the last two weeks, Bitcoin’s price struggled to break above $99,000, leading to a period of consolidation. Meanwhile, Ethereum initiated a notable uptrend from the $3,340 level on November 26. This rally saw Ethereum and other altcoins outperforming Bitcoin, fueling speculation about a possible onset of an altcoin season.

Technical analysis by Benjamin Cowen suggests that the ETH/BTC pair is potentially entering a recovery phase. Cowen had previously predicted a decline in the ETH/BTC pair, which has now reversed, with Ethereum’s value against Bitcoin showing a positive trend.

Historical data indicates that Ethereum’s performance against Bitcoin tends to pick up momentum in December or January. Cowen anticipates significant gains in the ETH/BTC pair over the next 6-12 months, with Ethereum potentially outperforming Bitcoin and hinting at a broader altcoin season.

Current Market Scenario

At present, Ethereum is trading at $3,845, while Bitcoin has crossed the $100,000 mark and is valued at $103,000. The ETH/BTC pair stands at 0.03755, reflecting Ethereum’s positive trajectory against Bitcoin.

Featured image created with Dall.E, chart from Tradingview.com