Ethereum
Analyst Warns That Ethereum’s Fate Is Linked To Bitcoin: “If ETH Goes Up From Here, It Would Only Be Due To…”
In a recent development, an esteemed analyst Benjamin Cowen suggested that the future of Ethereum (CRYPTO: ETH) could be heavily influenced by the performance of Bitcoin (CRYPTO: BTC), potentially leading to further downsides for the former.
What happened: According to Cowen, Ethereum could only see an increase if Bitcoin sees a substantial increase, Daily Hodl reported on Thursday.
“If ETH increases from here, it would only be due to a much larger increase in Bitcoin,” he said.
Additionally, Cowen predicts that the Ethereum/Bitcoin (ETH/BTC) pair will likely maintain its downward trend in most scenarios, based on historical patterns.
He pointed out: “In eight out of ten quarters, Ethereum/Bitcoin fell regardless of whether Bitcoin was up, down, or sideways. »
Cowen also warned that monetary policy could negatively impact Ethereum, saying: “ETH/USD still faces headwinds here, particularly following the potential exchange-traded fund (ETF) rejection at the cash. »
See also: Here’s how much $1,000 invested in Dogecoin would be worth if you invested when Elon Musk first tweeted about DOGE
Why is this important: Ethereum has been characterized as the underperformer of this cycle in the cryptocurrency market, with ongoing challenges impacting its valuation and adoption. Despite its strong historical correlation with Bitcoin, Ethereum’s fundamentals are seen as a potential barrier to broader investment in the cryptocurrency ecosystem.
Price action: On Thursday, Bitcoin was trading up 0.42% at $61,449.78 and Ethereum was trading up 0.08% at $2,981.32 at the time of writing, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, and Dogecoin Continue to Fall: Analyst Says King Crypto Network Fundamentals Point to 300% Upside, Could Surpass $250,000 and $275,000
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