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Cryptocurrency News Articles
Analyst Predicts Ethereum's Decline Against Bitcoin, Contingent on Macroeconomic Pivots
May 01, 2024 at 05:00 am
Crypto analyst Benjamin Cowen predicts that Ethereum (ETH) will bottom against Bitcoin (BTC) in the coming months, expecting the ETH/BTC ratio to hit the lowest point in the current market cycle when the Federal Reserve (FED) makes a significant change in its monetary policy, referred to as a "pivot."
Analyst Projects Ethereum's Demise Against Bitcoin, Contingent on Macroeconomic Factors
Renowned crypto analyst Benjamin Cowen has unveiled a compelling forecast for Ethereum's performance against its arch-rival, Bitcoin. This projection, meticulously crafted after extensive market analysis, paints a stark picture for Ethereum's prospects, suggesting its impending descent to its nadir against Bitcoin. However, this prophecy is not set in stone, as it hinges on the pivotal decisions made by the Federal Reserve (FED) and the broader macroeconomic landscape.
Echoes of 2019: Historical Context Shapes Cowen's Forecast
Cowen's insightful analysis draws striking parallels between the current market dynamics and those observed in 2019. He astutely discerns that Ethereum's recent uptick bears uncanny resemblance to the market behavior exhibited two months prior to the FED's interest rate reduction in 2019.
This astute observation forms the bedrock of Cowen's prediction: Ethereum's nadir against Bitcoin will coincide with a paradigm shift in the FED's monetary policy, a phenomenon known as a "pivot." Cowen's prognosis places this pivotal juncture within the next few months, auguring that Ethereum's ultimate demise against Bitcoin is imminent.
Macroeconomic Forces: The Inseparable Nexus with Cryptocurrency Markets
Cowen's analysis firmly underscores the profound influence of macroeconomic conditions and FED monetary policy on the cryptocurrency market. He posits that the FED's imminent policy pivot will trigger a chain reaction, ultimately dictating Ethereum's fate against Bitcoin.
Further corroborating his forecast, Cowen presents a technical analysis of Ethereum's price action against Bitcoin, predicting that the ETH/BTC ratio will plummet to a range between 0.03 and 0.04 by summer, signaling Ethereum's impending capitulation.
Community Skepticism Meets Cowen's Rebuttal
Despite Cowen's compelling arguments, some crypto enthusiasts remain skeptical about the FED's readiness to lower interest rates amid persistent inflationary pressures. Cowen counters this skepticism by emphasizing that the absence of a rate cut reinforces his conviction that the ETH/BTC ratio has yet to hit its lowest point. He suggests that Ethereum's decline against Bitcoin may persist until inflationary headwinds subside.
Ethereum: A Higher-Risk Asset Poised for Deprecation
In a separate analysis, Cowen classifies Ethereum as a higher-risk asset, contrasting it with Bitcoin's lower-risk profile. This distinction forms the foundation of his Ethereum-Bitcoin forecast, as higher-risk assets tend to depreciate relative to their lower-risk counterparts during periods of market uncertainty.
Cowen acknowledges the potential for post-halving price volatility in the ETH/BTC ratio. Nevertheless, he anticipates a "relief rebound" followed by a decisive rejection from the bull market support band, particularly in the context of weekly closing prices. This rejection is projected to occur within a range of $0.053 to $0.054.
Predictive Prowess, Yet Caution Advised
While acknowledging his past successes in predicting ETH/BTC price movements, Cowen wisely cautions against blind adherence to his forecasts. He emphasizes that his predictions remain speculative, stating, "Just because I have been right so far about ETH/BTC does not mean I will continue being right."
Conclusion
Cowen's comprehensive analysis provides a compelling outlook for Ethereum's performance against Bitcoin. While his forecast hinges on the FED's upcoming monetary policy pivot and broader macroeconomic factors, it offers a thought-provoking perspective on the potential risks and rewards associated with Ethereum investment. However, as with all investment decisions, due diligence and a thorough understanding of the market are essential.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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