Crypto trader and analyst Benjamin Cowen said it’s “decision time” for Ethereum (ETH) in his commentary during Black Friday. For the analyst, the biggest cryptocurrency next to Bitcoin (BTC) is about to make a move that could determine whether it’s going to be very bullish or very bearish.
ETH Could Lose to BTC
Benjamin Cowen explained the value of Ethereum against Bitcoin could be on its way around 0.03 BTC to 0.04 BTC. He claimed his view may not be a popular opinion, but the coin has been on a downtrend since its latest network update, also referred to as the “Ethereum Merge.”
As a side note for the uninitiated, the “merge” was the recent upgrade of ETH transitioning it from a proof of work to a proof of stake consensus. The shift of protocol from the Ethereum Mainnet to the Ethereum Beacon Chain aimed to reduce the energy consumption of the network by 99%.
Now going back to what Cowen said, he stated that the Ethereum and Bitcoin ratio has already entered a descending wedge. This technical indicator, wherein the points of the resistances and support within a certain trading period are squeezing into a cone, normally signals a bullish reversal. In other words, ETH may outperform BTC if the charts are to be trusted.
The caveat, however, is that there is also a key likelihood for Ether to fall against Bitcoin. Current market conditions suggest a strong gain in the market dominance of the latter and it could affect altcoins, including ETH.
Cowen urged viewers to monitor the pair within the next few weeks because ETH against BTC could show some “window of weakness” for the next three to five weeks. But then again, the seasonality of the crypto occurring either in the middle of December or early January could see Ether trump its pair.
Eventually, though, Cowen believes that once Ethereum passed the critical juncture, it could rally to 0.057 to 0.058 BTC or even close to 0.06. As of this writing on Monday afternoon, ETH is valued at 0.0547 BTC.
ETH and BTC Now
Both Ethereum and Bitcoin are not showing any significant movements in the daily chart as of 3:30 PM UTC time on Monday.
ETH is presently trading at $2,016, moving only 2.63% down in a 24-hour frame. Trading, however, was at a whopping 67.69% up for the crypto within the period as it moved between a $2,014 low to and $2,081 high.
Bitcoin mirrored the progress of Ethereum on the daily chart with only a subtle drop of 1.5% to $36,390. The same increase in the volume of exchange can be noted during this span in the coin, rising by 76.73%, as it strode between a baseline of $36,760 and a peak of $37,741.