Prominent cryptocurrency analyst Benjamin Cowen predicted further bearish momentum for Ethereum ETH/USD to Bitcoin BTC/USD pair trade.

What Happened: Cowen, who had previously forecasted a rejection of the ETH/BTC ratio by the bull market support band, maintains his stance despite the recent market pump. He draws parallels between the current bounce and the one observed in 2019, just two months before the Federal Reserve began cutting interest rates.

“This latest pump just looks like the last pump it got before rate cuts last cycle, just before summer capitulation,” Cowen states, suggesting that the current upward movement in the ETH/BTC ratio may be short-lived.

The analyst believes that…

Read more on Benzinga