Will Benjamin Cowen's Ethereum Prediction Be True? | Credit: Derek Fenech
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Key Takeaways
Benjamin Cowen believes that Ethereum will lose ground against Bitcoin until December.
The ETH to Bitcoin (BTC) price has decreased by 25% since the start of September.
How much longer will Ethereum continue to underperform against Bitcoin?
Ethereum was one of the best performers in the crypto market between July and September, outperforming Bitcoin (BTC) by more than 100%
However, its price has trended downward for the past 90 days, losing a significant portion of its gains.
Well-known analyst Benjamin Cowen believes that Ethereum will continue bleeding against Bitcoin (BTC) until December, when a reversal could begin.
Let’s examine the charts and determine if Ethereum will continue to decline against Bitcoin.
Ethereum Bleeds Against Bitcoin
The daily time frame chart shows that the price of Ethereum began an upward movement against Bitcoin in May.
Its rally accelerated in July, and the ETH price hit a high of ₿0.043, the highest in nearly a year.
However, the ETH price has fallen considerably since then, decreasing within a descending parallel channel for 88 days.
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The positive aspect of the decrease is that it is contained within a descending parallel channel, which typically indicates a corrective move.
Furthermore, the ETH price trades above the ₿0.032 support area and in the upper portion of the channel, both of which indicate that a breakout could occur.
While a bullish divergence in the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) would be an even stronger sign of a breakout, the indicators are at least increasing.
If a breakout occurs, the price of Ethereum could reach the ₿0.038 Fibonacci resistance area before falling.
Why is Ethereum Going Down?
The shorter-term six-hour chart shows that the Ethereum price is completing a W-X-Y correction since the aforementioned high.
If the count is accurate, the price of Ethereum is in wave Y of this W-X-Y correction, meaning that the next drop will be the final one.
This potential drop will align with Benjamin Cowen’s prediction, leading to a trend reversal sometime in December.
The main support area for the bottom of this decrease is between ₿0.027 and ₿0.030, created by the 0.5-0.618 Fibonacci retracement support levels and also the channel’s support trend line.
Once the ETH price reaches that level, a strong reaction will be needed to confirm the bullish trend reversal, taking it into the upper portion of the channel.
A key support level between ₿0.027 and ₿0.030 BTC will likely determine whether a reversal occurs in December.
If ETH can bounce strongly from that zone and push back into the channel’s upper range, a broader recovery becomes more likely. Until then, the trend still leans bearish in the short term.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
