Analyst Benjamin Cowen is raising concerns about Ethereum (ETH), warning that it could face further depreciation, particularly against Bitcoin (BTC). Currently, Ethereum is trading at around 0.04229 BTC, roughly 40% below its 2024 high recorded in March and about 48% down from its USD peak of $4,100 on March 11th.
Cowen predicts that Ethereum may drop by at least 5% against Bitcoin, bringing the ETH/BTC pair closer to 0.04 BTC. He also notes that historical patterns suggest Ethereum could see even larger declines. He references past instances where ETH/BTC broke down, in 2016 and 2019, both of which resulted in substantial drops in ETH’s USD value—around 70% in each case.
Given that the ETH/BTC pair has broken down again in 2024, Cowen warns that a similar decline could occur, potentially pushing Ethereum’s price as low as $1,200. This would represent a significant fall from its current price of $2,399.
