Analyst Shares What To Look Out for Before Buying Ethereum By Coin Edition

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Analyst Shares What To Look Out for Before Buying Ethereum

Published Apr 02, 2023 18:12

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Analyst Shares What To Look Out for Before Buying Ethereum

ETH/BTC

+0.29%

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ETH/USD

-2.28%

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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.

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