In a recent update, esteemed crypto market analyst Benjamin Cowen, armed with a PhD in Engineering, has sounded a grave warning about Ethereum's fate on the crypto market. Cowen, who has gained prominence for his insightful analyses, shared his latest findings on the trajectory of Ethereum (ETH) against Bitcoin (BTC), which may send shockwaves through the crypto space.
According to Cowen's analysis, Ethereum is set to endure a significant setback, with a projected 40% fall against Bitcoin. Cowen substantiated his claim by pointing to the continuous decline of the ETH/BTC ratio, emphasizing that this decline might mark the culmination of the altcoin reckoning.
The expert's prediction was underscored by a detailed chart he shared on social media, illustrating Ethereum's potential fall from its current position of 0.057 BTC to a worrisome low of 0.035 BTC.
Just a continuous bleed by #ETH / #BTC.
— Benjamin Cowen (@intocryptoverse) October 10, 2023
Remember the collapse of the ETH/BTC ratio could also correspond to the end of the altcoin reckoning. pic.twitter.com/dhaNiBNz3B
This dire forecast is not the first of its kind from Cowen. Back in June, he first expressed his bearish sentiment on Ethereum against Bitcoin, foreseeing the collapse of the ETH/BTC ratio. Despite the gradual pace of the decline, Cowen remained steadfast in his analysis, reiterating his concerns last week about the ongoing downtrend.
Cowen's prediction is based on his assessment of the growing dominance of Bitcoin and the consistent drain of liquidity from the broader cryptocurrency market. As Bitcoin continues to assert its dominance, the allure of altcoins like ETH may wane, potentially leading to the projected devaluation against BTC.