ETH/BTC Expected to Continue Dropping Until Year End, Affected by ETH Weakness
CryptoNewsTerminal Staff05 Sep, 2024
ETH/BTC Expected to Continue Dropping Until Year End, Affected by ETH Weakness
ETH/BTC Expected To Continue Dropping Until Year End IntoTheCryptoVerse founder Benjamin Cowen recently shared his analysis on the Ethereum (ETH) price movement. In a YouTube video, he stated that the ETH/BTC ratio (the price of ETH in BTC terms) could plunge by at least 5%. Currently, ETH is trading around $2,390, significantly lower than its all-time high of $4,100 set in March 2022. Cowen highlighted two previous ETH/BTC ratio crashes in 2016 and 2019, where ETH corrected by about 70%. This historical data suggests that ETH could find a bottom by the end of the year. The ETH/BTC ratio's weakness is influenced by the overall decline in the cryptocurrency market. Cowen attributes this decline to the Federal Reserve's aggressive interest rate hikes and the recent collapse of the Terra ecosystem.
