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In a recent development, esteemed analyst Benjamin Cowen has suggested that the future of Ethereum (CRYPTO: ETH) may be heavily influenced by Bitcoin’s (CRYPTO: BTC) performance, potentially leading to further downside for the former.
What Happened: According to Cowen, Ethereum could only see a rise if Bitcoin experiences a substantial surge, Daily Hodl reported on Thursday.
“If ETH goes up from here, it would only be due to Bitcoin going up a lot more,” he said.
Moreover, Cowen anticipates 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 of 10 quarters, Ethereum/Bitcoin has gone down whether Bitcoin went up, down or sideways.”
Cowen also cautioned that monetary policy could adversely affect Ethereum, stating, “ETH/USD is still facing some headwinds here, especially following the potential rejection of the spot exchange-traded fund (ETF).”
Why It Matters: Ethereum has been characterized as this cycle’s underperformer 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 0.42% higher at $61,449.78 and Ethereum was trading 0.08% higher at $2,981.32 at the time of writing, according to Benzinga Pro.
Photo by DUSAN ZIDAR on Shutterstock
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