Ethereum Price Surges Above $3,800 Amidst Positive ETH/BTC Outlook
The Ethereum price has surpassed $3,800, reflecting a 5% increase over the past 24 hours. This rise coincides with improved performance of ETH against BTC in recent weeks.
Crypto analyst Benjamin Cowen suggests that this price movement may represent the early stages of Ethereum's upward trend against Bitcoin within the next six to twelve months.
Analysing The ETH/BTC Pair
Recent weeks featured consolidation of Bitcoin prices below $99,000 as investors awaited a breakthrough above $100,000. During this period, Ethereum began to rise from $3,340 on November 26, allowing it and other altcoins to outperform Bitcoin, raising speculation about an impending altcoin season.
According to technical analysis by Benjamin Cowen, the ETH/BTC pair recently bottomed at 0.03187, aligning with his earlier worst-case forecast of 0.03. In 2023, he predicted a significant decline in the ETH/BTC pair when it was trading around 0.066, forecasting a drop of over 45%. This prediction has proven accurate as Ethereum's value relative to Bitcoin declined until recent weeks.
As of December 2024, Ethereum has rebounded, with the ETH/BTC pair currently around 0.0396, up 24% from its 2024 low of 0.03187. This recovery has prompted Cowen to reassess the outlook for the ETH/BTC pair positively.
Historical Trends Suggest A Seasonal Rebound
Cowen pointed out that historically, the ETH/BTC pair tends to gain momentum in December or January. If this pattern continues, Ethereum may be in the early recovery phase. However, if it waits until January, revisiting prior lows at 0.03187 or possibly 0.03 remains a possibility but is increasingly unlikely. He noted that the exact bottom might become less relevant in a few months.
Looking forward, Cowen anticipates substantial gains in the ETH/BTC pair over the next six to twelve months, characterized by Ethereum outperforming Bitcoin and a full altcoin season.
Currently, Ethereum is trading at $3,845, while Bitcoin has surpassed $100,000, trading at $103,000. The ETH/BTC pair is currently at 0.03755.
