Cryptocurrency analyst Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) relative to Bitcoin (BTC) over the short to medium term.
In a new video, Cowen tells his 799,000 YouTube subscribers that the Ethereum/Bitcoin (ETH/BTC) pair has further room to fall.
“My base case at this point in time is that Ethereum/Bitcoin bottoms this summer, Ethereum/US dollar bleeds a little bit longer and then at some point later this year or early next year the Federal Reserve will turn the money printer back on. And then you will see a bull phase for the Ethereum/Bitcoin valuation. But I don’t think we’re there yet. I don’t.”
According to Cowen, the ETH/BTC pair could fall by up to 38% from the current level as Bitcoin’s dominance level rises.
ETH/BTC is trading at 0.04869000 BTC ($3,070) at time of writing.
On when exactly the ETH/BTC pair could bottom out, Cowen says,
“June, at the earliest, is my guess that Ethereum/Bitcoin bottoms out. June at the earliest. About mid-June…
But it’s also going to be dependent on monetary policy. If we get to June and the Federal Reserve is still not cutting rates and they’re still not going from quantitative tightening to quantitative easing, then it might go on longer.”
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