ETH Price Surges Above $3,800 Amidst Increase Against BTC
The Ethereum price has surged above the $3,800 level with a 5% increase in the past 24 hours. Interestingly, this rise in Ethereum’s price coincides with a simultaneous increase in its performance against Bitcoin in recent weeks.
Crypto analyst Benjamin Cowen believes that this recent price action could be the early stages of Ethereum’s price resurgence against Bitcoin in the next six to 12 months.
Analysis of the ETH/BTC Pair
Over the last two weeks, Bitcoin’s price has been consolidating below $99,000, waiting for a breakthrough above $100,000. During this time, Ethereum saw a significant uptrend from the $3,340 level on November 26. This led to Ethereum and other altcoins outperforming Bitcoin, sparking speculation about a potential altcoin season.
According to technical analysis by Benjamin Cowen, the ETH/BTC pair seems to be in its early recovery stage. Cowen pointed out that the ETH/BTC pair recently hit a low of 0.03187, close to his previously predicted worst-case scenario of 0.03.
In 2023, Cowen had forecasted a significant decline in the ETH/BTC pair, which has since materialized. However, in December 2024, Ethereum has rebounded and is performing well against Bitcoin, currently standing at 0.0396, up 24% from its 2024 low.
Trends Point to Seasonal Rebound
Cowen highlighted Ethereum’s historical patterns, noting that the ETH/BTC pair tends to gain momentum in December or January. If this trend continues, Ethereum may already be in the early stages of recovery. Cowen projected significant gains in the ETH/BTC pair over the next 6-12 months, marked by Ethereum outperforming Bitcoin and a full altcoin season.
Currently, Ethereum is trading at $3,845, while Bitcoin has crossed the $100,000 mark to reach $103,000. The ETH/BTC pair is at 0.03755.
Featured image created with Dall.E, chart from Tradingview.com
