- Benjamin Cowen shared in a YouTube video that he has been unimpressed by ETH’s performance throughout the past year.
- In 2023, the ETH / BTC valuation has already dropped by 20.56%.
- At press time, ETH was trading at $1,590.78 after its price slipped by more than 2% in the past 24 hours.
Cryptocurrency analyst, Benjamin Cowen, shared in one of his latest YouTube videos that he has not been impressed by Ethereum’s (ETH) performance this year. In his analysis, Cowen placed particular emphasis on the ETH / Bitcoin (BTC) valuation, as well as the effects that the Merge could have on ETH’s future performance.
The ETH / BTC valuation has been on a downward trend according to the monthly chart, and the analyst believes that his trend is very likely to continue through the end of the year. He based his belief off of what happened in the pre-halving year of 2019.
Monthly chart for ETH/BTC (Source: TradingView)
During this period, the ETH / BTC closed below the wick of the previous bear market’s low. In 2019, the ETH / BTC valuation declined by about 49%, and the analyst predicted this could be the case again in 2023. In fact, the ETH / BTC valuation has alr…
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