🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Analyst Shares What To Look Out for Before Buying Ethereum

Published 04/02/2023, 06:12 PM
Updated 04/02/2023, 06:15 PM
©  Reuters Analyst Shares What To Look Out for Before Buying Ethereum
ETH/BTC
-
ETH/USD
-

  • Benjamin Cowen shared when he believes it will be the right time to buy ETH.
  • traders should wait for the ETH/BTC dominance to drop to between 0.03 and 0.04 BTC again.
  • ETH is currently trading hands at $1,818.97 after a 0.33% price decrease.

In their most recent YouTube video, the Altcoin Daily team interviewed quant analyst, Benjamin Cowen, and asked him when he thinks it would be best to buy altcoins, specifically Ethereum (ETH). At first, the analyst took a look at the ETH/BTC chart.

Ethereum / Bitcoin 1W (Source: TradingView)

When looking at this chart, Cowen points out the fact that ETH has been posting lower highs. He added that despite this, he believes that ETH will gain some strength against bitcoin, but is convinced it will only happen next year or even in 2025 after ETH experiences another drop in its dominance against the crypto king.

When it comes to the best time to buy the altcoin, Cowen believes traders should wait for the ETH/BTC dominance to drop to between 0.03 and 0.04 BTC again. He also added that he himself will be waiting for the price to reach this level before making a move.

Ethereum price (Source: CoinMarketCap)

Data from CoinMarketCap indicates that ETH is currently trading hands at $1,818.97 after a 0.33% price decrease over the last day. The altcoin was also able to reach a high of $1,282.54 and a low of $1,811.12 over the same time period.

Despite the fact that the crypto dropped a bit since yesterday, the altcoin is still in the green’ by more than 3% over the last week. At the moment, ETH’s 24 hour trading volume is in the red zone and stands at $5,301,182,631 after a more than 37% decrease.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Analyst Shares What To Look Out for Before Buying Ethereum appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.