Crypto Analyst Predicts Ethereum Nears Bottom Against Bitcoin

A widely followed crypto analyst suggests that Ethereum (ETH) is nearing a low point against Bitcoin (BTC).

In a recent video update, crypto strategist Benjamin Cowen informed his 877,000 YouTube subscribers that the ETH/BTC pair is likely to find its cycle low below 0.017 (approximately $2,181) towards the end of the year.

> “ETH/BTC market cap ratio is getting pretty close to the lows… I think there is a decent chance that it will bottom out.”

Cowen notes that if the US Federal Reserve were to halt its quantitative tightening policy, the ETH/BTC pair might bottom out immediately. Quantitative tightening occurs when central banks attempt to reduce monetary circulation to combat inflation.

> “If the Fed were to end quantitative tightening, that could very well mark the bottom for ETH/BTC right now… I don’t really expect it to go higher until quantitative tightening is over… that doesn’t mean [ETH/BTC] can’t bounce around, but I just wouldn’t expect that until quantitative tightening is over.”

He anticipates that once quantitative tightening concludes, a rally towards the bull market support band could occur.

In June 2022, the Federal Reserve announced its intention to reduce its balance sheet.

As of the time of writing, ETH/BTC is trading at 0.0264 (approximately $2,227), representing a 3.2% decline over the previous 24 hours.

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