![Analyst Benjamin Cowen Issues Ethereum Alert, Says ETH Could Fall Further Against Bitcoin – Here Are His Targets Analyst Benjamin Cowen Issues Ethereum Alert, Says ETH Could Fall Further Against Bitcoin – Here Are His Targets](https://dailyhodl.com/wp-content/uploads/2024/09/ETH-Could-Fall-Further.jpg?w=1024)
Analyst Benjamin Cowen Issues Ethereum Alert, Says ETH Could Fall Further Against Bitcoin – Here Are His Targets
Analyst Benjamin Cowen is issuing a warning on Ethereum (ETH) as the second-largest crypto asset lingers around 40% below the 2024 high recorded in March.
Cowen tells his 811,000 YouTube subscribers in a new video that Ethereum could depreciate by at least 5% against Bitcoin (BTC) going forward.
“When I look at this chart what do I see? I see that Ethereum/Bitcoin is likely going to form a bottom between now and the end of the year. It’s possible that it’s already in, but I would still say I’m still sort of leaning that it could go sub 0.04 BTC.”
![](https://howdybitcoin.com/wp-content/uploads/2024/09/BC-ETHBTC-bottom-0904.png)
Ethereum is trading at 0.04229 BTC at time of writing. At time of writing, ETH/USD is changing hands at $2,399, approximately 48% below the 2024 high of around $4,100 reached on March 11th.
According to Cowen, Ethereum’s current price action is a repeat of history.
“Ethereum/Bitcoin has broken down three times in its history once in 2016, once in 2019. Anyhow again once in 2024.”
Cowen says that in the previous instances that the ETH/BTC pair broke down, the second-largest crypto asset’s US dollar pair recorded a double-digit fall.
“Both the last two times that Ethereum/Bitcoin broke down, 2016 and 2019, ETH (ETH/USD) dropped 70%…
When it broke down here before the pandemic it was like 68%. And in 2016, it was 70%. So two 70% drops after Ethereum/Bitcoin broke down. And Ethereum/Bitcoin broke down in 2024. But 70% down would actually get you closer to $1,200.”
![](https://howdybitcoin.com/wp-content/uploads/2024/09/BC-ETHBTC-70-percent-drop-0904.png)
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
![](https://howdybitcoin.com/wp-content/uploads/2024/09/Get-Alerts-728x90-56.png)
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Benjamin Cowen Issues Ethereum Alert, Says ETH Could Fall Further Against Bitcoin – Here Are His Targets appeared first on The Daily Hodl.
Go to Source
Author: Mark Emem