Ethereum (ETH) vs Bitcoin (BTC): Is Now the Time to Buy ETH?
A well-known crypto analyst, Benjamin Cowen, has recently shared his thoughts on the current price of Ethereum (ETH) compared to Bitcoin (BTC). According to Cowen, ETH looks attractive against BTC at its current price level. In a recent strategy session, he mentioned that the ETH/BTC pair seems appealing and could potentially ignite the next altcoin season.
At the time of writing, ETH/BTC is valued at 0.02806 BTC ($2,738), showing a 1.3% increase for the day. Cowen believes that altseason won’t kick off until the ETH/BTC pair hits bottom. He advises traders to monitor Bitcoin’s dominance levels, as altcoin season typically starts when BTC dominance is high.
Cowen explained, “Alt season occurs from high Bitcoin dominance levels, not low Bitcoin dominance levels. Normally Bitcoin dominance goes down in post-halving years, so my assumption is that dominance does end the year in the red at this point, but so far dominance has gone up this year.”
Despite the possibility of further dips in the ETH/BTC pair, Cowen suggests that it is already near its range lows. He added, “It could go lower, but I don’t really have a great reason to bear post about ETH/BTC anymore considering how close it is to the range lows.”
As investors look for potential opportunities in the crypto market, Cowen’s analysis sheds light on the attractiveness of Ethereum compared to Bitcoin. With the crypto market constantly evolving, keeping a close eye on ETH/BTC dynamics could provide valuable insights for traders and investors alike.
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Source: Benjamin Cowen/X
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