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 ...
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