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The cryptocurrency market is currently grappling with widespread unease as numerous altcoins, including the second-largest cryptocurrency by market capitalization, Ethereum (ETH), witness a downward trend. Crypto analyst Benjamin Cowen has been notably bearish on the ETH/BTC pairing for some time.
In a series of posts, Cowen has analyzed the recent decline in the ETH/BTC trading pair, suggesting that this downturn might signify what he terms the “altcoin reckoning.” He posits that this downturn could trigger significant market corrections, allowing overvalued altcoins to readjust to their actual value.
Cowen contends that the ETH/BTC pair was one of the last to rise during the bullish market phase and might similarly be one of the last to fall during the bearish market.
Cowen’s perspective is illustrated in a tweet: “If this happens, expect an altcoin reckoning.”
Looking at the present situation, the ALT/BTC trading pair is currently positioned at 0.47. It is anticipated to face resistance within the range of 0.48 to 0.50, as indicated by the Bollinger Moving Standard Band (BMSB).
Cowen has expressed caution, warning that ALT/BTC pairs could encounter challenges if Bitcoin’s value falls below the BMSB. He further cautions against being deceived by the recent decrease in Bitcoin’s dominance, which might have given some a false sense of security regarding altcoins.
“In the end, even the giants will fall,” Cowen asserts.
Ethereum Price Rally Seems Imminent
In a similar vein, CrediBULL Crypto echoes these sentiments in his own post. He asserts that Bitcoin has compelling reasons to overshadow Ethereum and most other altcoins in the coming months, potentially leading to new all-time highs. Drawing on historical price movements, he elucidates how Bitcoin’s performance has historically impacted the broader market.
CrediBULL suggests that as long as Bitcoin maintains a value above $25,000, the market sentiment will likely remain positive, potentially pushing Bitcoin’s dominance above 50% during the downtrend, as predicted by various experts.
One user, @hoss_crypto, remains optimistic about ETH’s potential rise due to several factors. Firstly, the approval of an Ethereum investment fund (ETF) could attract a surge of new buyers. Secondly, Ethereum’s staking mechanism, enabling users to earn income, holds appeal for traditional investors. Thirdly, Ethereum’s environmentally friendly model could capture the interest of major investors.
Lastly, the endorsement from companies such as PayPal utilizing Ethereum’s platform could foster greater adoption. Notably, recent revelations have shown that even former US President Donald Trump holds approximately $2.8 million in Ethereum wallets.
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