‘ETH is Not Dying’ Analyst Benjamin Cowen Shares Hot Take

by

As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving digital landscape, I find myself constantly navigating through the labyrinth of market trends and analysis to uncover hidden gems and potential growth opportunities. The recent surge in Ethereum (ETH) has indeed piqued my interest, yet it’s essential to maintain a balanced perspective when evaluating its performance relative to Bitcoin (BTC).

In light of the overall surge in digital currencies, Ethereum‘s (ETH) achievements have gained significant attention. Though Ethereum hasn’t underperformed drastically, some observers view its growth as relatively low compared to Bitcoin‘s recent approach to retesting its record high (ATH). Based on this context, well-known market analyst Benjamin Cowen emphasized that Ethereum is not in a state of decline.

Ethereum’s performance from Bitcoin’s perspective

Looking at Ethereum individually, its performance isn’t entirely disheartening. In fact, in just the last 24 hours, it has surged by over 2% to reach $2,675.24. Moreover, within the past week, its growth rate has soared past 4%, thereby pushing the 52-week high to an impressive 47%.

Contrasting Bitcoin and Ethereum, the latter’s growth trajectory appears relatively weak. Over the last seven days, Bitcoin has surged by 8.68%, reaching a 52-week high of $109. At present, Bitcoin is only 1.92% away from its all-time high (ATH), whereas Ethereum remains 45.2% below its peak price.

As an analyst, I’m confident that Ethereum (ETH) isn’t on its last legs. The dynamics between ETH and Bitcoin (BTC) are merely repeating their historical patterns.

— Benjamin Cowen (@intocryptoverse) October 30, 2024

Benjamin Cowen’s post about X outlined the current situation. In his opinion, the ETH/BTC price graph follows its usual pattern, as evident from the dip displayed on a joint graph. Nevertheless, he suggested that there is a strong possibility that the ETH/BTC pair may reach its lowest point this quarter and then show an upward trend in 2025.

In simpler terms, he predicted that the ETH/BTC rate would stabilize when it surpassed its 50-day average. However, Benjamin Cowen didn’t completely dismiss the possibility of a decrease, considering there might be an uptrend in the upcoming weeks.

Fundamentals needed to stay on guard

In essence, the price fluctuations of Ethereum don’t seem to align with the advancements in its ecosystem. Vitalik Buterin has recently unveiled a series of updates that highlight Ethereum’s future direction. His primary aim is to make Ethereum’s network nodes run as efficiently and cost-effectively as possible.

Looking forward to the possibility that anyone could operate nodes using mobile devices within the next decade, the Ethereum protocol appears well-equipped to secure a significant market valuation in the years to come.

Read More

2024-10-30 15:58