A widely followed crypto analyst says that gold may just have signaled the local top of Bitcoin’s (BTC) recent strength. In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that if gold continues to do well, the top crypto asset by market cap may be in for a an extended […]
The post Gold May Have Just Signaled End of Bitcoin (BTC) Rally, According to Analyst Benjamin Cowen – Here’s What He Means appeared first on The Daily Hodl.
Cryptocurrency analyst Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) relative to Bitcoin (BTC) over the short to medium term. In a new video, Cowen tells his 799,000 YouTube subscribers that the Ethereum/Bitcoin (ETH/BTC) pair has further room to fall. “My base case at this point in time is that Ethereum/Bitcoin bottoms this summer, […]
The post Ethereum Primed To Bleed Against Bitcoin for Longer Before Bull Phase Sets In, Says Benjamin Cowen – Here’s Why appeared first on The Daily Hodl.
Seasoned trader Peter Brandt says Bitcoin (BTC) is flashing a common bull market pattern that typically precedes a burst to the upside. The trader, who gained legendary status after calling the 2017 Bitcoin collapse, says BTC may soon rally to around $80,000 as it threatens to take out its short-term diagonal resistance. However, Brandt warns […]
The post Trader Peter Brandt Predicts Breakout Rally for BTC Amid ‘Basic’ Bull Market Pattern – But There’s a Catch appeared first on The Daily Hodl.
A widely followed crypto analyst is detailing when he believes Ethereum (ETH) and altcoins could outpace Bitcoin (BTC). In a new video update, crypto strategist Jason Pizzino tells his 321,000 YouTube subscribers that the altcoin market is setting up for a massive rally – with the ETH/BTC pair as its proxy. “Still seems like the […]
The post Here’s When Ethereum and Altcoins Could Start To Outrun Bitcoin, According to Analyst Jason Pizzino appeared first on The Daily Hodl.
Closely followed analyst Benjamin Cowen says Ethereum may be in the midst of repeating a historical pattern that could bring ETH down to much lower levels. In a new strategy session, Cowen tells his 790,000 YouTube subscribers that in the last crypto bear market, Ethereum didn’t bottom out until canceling out a previous breakout from […]
The post Ethereum 2019 Correction Repeating? Analyst Warns Ethereum May See Larger Pullback appeared first on The Daily Hodl.
A widely followed crypto analyst is expressing bullish sentiment toward Ethereum (ETH), the second-largest digital asset by market cap. Crypto strategist Michaël van de Poppe tells his 691,900 followers on the social media platform X that Ethereum is ready to spark a run to $3,500, a price it hasn’t seen since April 2022. According to […]
The post Ethereum on the Cusp of Nearly 50% Rally, According to Crypto Analyst Michaël van de Poppe appeared first on The Daily Hodl.
A widely followed crypto analyst says that Ethereum (ETH) is fast approaching a major turning point that could see it collapse against Bitcoin (BTC). In a new video update, crypto strategist Benjamin Cowen tells his 788,000 YouTube subscribers that the ETH/BTC ratio will reach a “decision time” as soon as early next week. “Decision time […]
The post ‘Decision Time’ for Ethereum Imminent, Says Crypto Analyst Benjamin Cowen – Here’s What He Means appeared first on The Daily Hodl.
A closely followed crypto strategist warns that Ethereum (ETH) will continue to lag behind the flagship digital asset Bitcoin (BTC). Trader Credible Crypto tells his 353,200 followers on the social media platform X that the Ethereum versus Bitcoin pair (ETH/BTC) is still in a macro downtrend. According to the analyst, the ETH/BTC rally spurred by […]
The post Crypto Analyst Calls for Ethereum To Massively Underperform Against Bitcoin, Says Now Is Not the Time for ETH appeared first on The Daily Hodl.
A widely followed crypto analyst is warning that Ethereum (ETH) will likely underachieve relative to Bitcoin (BTC) for a while. In a new video update, crypto trader Benjamin Cowen tells his 788,000 YouTube subscribers that he believes that Bitcoin dominance (BTC.D) will continue to rise, suggesting that Ethereum will lag behind. BTC.D tracks the percentage […]
The post Analyst Benjamin Cowen Issues Ethereum Alert, Says ETH To Continue Underperforming Against Bitcoin – Here’s Why appeared first on The Daily Hodl.
Bitcoin ETF and halving buzz have boosted BTC's demand compared to Ethereum in recent weeks.
The price of Ethereum's native token, Ether (ETH), is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum switched to proof-of-stake (PoS).
Will it continue to weaken for the remainder of 2023? Let's take a closer look at the charts.
The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.
The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.
ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.
Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.
Ethereum's persistent weakness versus Bitcoin is reflected in institutional capital flow data.
For instance, as of Oct. 6, Bitcoin-specific investment funds had attracted $246 million year-to-date (YTD), according to CoinShares. On the other hand, Ethereum funds have lost capital, witnessing outflows worth $104 million in the same period.
The discrepancy is likely due to growing buzz about a potential spot Bitcoin exchange-traded product (ETF) approval in the U.S.
Trade pundits argue that a spot Bitcoin ETF launch will attract $600 billion. In addition, Bitcoin's fourth halving on April 24, 2024, is also acting as a tailwind versus the altcoin market.
Related: Bitcoin price gets new $25K target as SEC decision day boosts GBTC
The halving will reduce the Bitcoin miners' block reward from 6.25 BTC to 3.125 BTC, a bullish case based on historical precedent that cuts new supply in half.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
