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June 16, 2024
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Ethereum (ETH) Price Could Plummet by Over 45% – Altcoin Market Weakness Sparks Concerns

The post Ethereum (ETH) Price Could Plummet by Over 45% – Altcoin Market Weakness Sparks Concerns appeared first on Coinpedia Fintech News

Crypto analyst Benjamin Cowen is warning of a potential collapse in Ethereum (ETH) relative to Bitcoin (BTC) as weakness in the altcoin markets becomes apparent. In his recent strategy session, Cowen, who boasts a substantial YouTube subscriber base, cautions that the ETH/BTC pair could experience a drop of over 45% from its current value of 0.066 BTC, equivalent to $1,650.

Altcoin markets have been struggling of late, with many cryptocurrencies, including Ethereum, exhibiting lackluster performance when compared to Bitcoin. Cowen believes that this weakness could result in an ETH collapse against BTC, which could have significant implications for cryptocurrency investors.

Cowen’s warning is primarily based on his analysis of the ETH/BTC pair, wherein he anticipates a potential decline of over 45% from its present value. This downturn may stem from various factors, such as dwindling investor confidence in Ethereum and a shift in focus toward Bitcoin as a more reliable investment option. Additionally, the recent Securities and Exchange Commission (SEC) decision to classify certain assets as “securities” has led to a decline in the prices of XRP and Cardano.

Although Cowen suggests the possibility of a recovery rally in the future, he advises caution and emphasizes the importance of staying informed about the latest market trends before making investment decisions. Given the highly volatile nature of the cryptocurrency market, investors must be mindful of the inherent risks associated with investing in altcoins.

While a potential recovery seems plausible, it remains uncertain when the ETH/BTC pair will reach its all-time high (ATH).

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