Cryptocurrency analyst Benjamin Cowen expresses bearish sentiment on Ethereum (ETH) versus Bitcoin (BTC) in the short to medium term.
In a new video, Cowen tells According to its 799,000 YouTube subscribers, the Ethereum/Bitcoin (ETH/BTC) pair has more room to fall.
“My base case right now is that Ethereum/Bitcoin bottoms out this summer, Ethereum/US Dollar continues to bleed a little longer, and the Federal Reserve will turn on the money printer again sometime later this year or early next year. And then you will see a bull phase for the Ethereum/Bitcoin valuation. But I don’t think we’re there yet. Not me.”
According to Cowen, the ETH/BTC pair could fall up to 38% from current levels as Bitcoin’s dominance level rises.
ETH/BTC is trading at 0.04869000 BTC ($3,070) at the time of writing.
As for when exactly the ETH/BTC pair could bottom out, Cowen says:
“I suspect that Ethereum/Bitcoin will bottom out by June at the earliest. June at the earliest. About mid-June…
But it will also depend on monetary policy. If we get to June and the Federal Reserve still doesn’t cut rates and they still don’t move from quantitative tightening to quantitative easing, then it could take longer.”
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