Ethereum Price Returns Above $3,800 Amidst 5% Increase in 24 Hours

The Ethereum price has rebounded above the $3,800 price level following a 5% increase in the past 24 hours. Interestingly, this Ethereum price increase has come amidst a simultaneous increase in the performance of ETH against BTC in recent weeks.

According to crypto analyst Benjamin Cowen, this recent price action might actually be the earliest stages of Ethereum’s price increase against Bitcoin within the next six to 12 months.

Analysing The ETH/BTC Pair

The last two weeks were highlighted by a consolidation of the Bitcoin price below the $99,000 price level as investors continued to await a break above $100,000. Amidst this Bitcoin price correction, the Ethereum price kickstarted a notable increase from the $3,340 level on November 26. This rally allowed Ethereum and many other altcoins to outperform Bitcoin, leading to speculation about whether the crypto market is now in the initial phases of a long-awaited altcoin season.

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According to technical analysis from popular crypto analyst Benjamin Cowen, this might be the earliest recovery stage for the ETH/BTC pair. Taking to social media platform X, Cowen remarked that the ETH/BTC pair recently bottomed out at 0.03187, which aligns closely with his previously forecasted worst-case scenario of 0.03.

Ethereum’s Historical Trends Suggest A Seasonal Rebound

Cowen highlighted Ethereum’s historical tendencies, noting that the ETH/BTC pair often gains momentum in December or January. If this trend holds and the ETH/BTC pair gains momentum in December, Ethereum may already be in the early stages of recovery. However, if it was to wait until January, a sweep of prior lows at 0.03187 and possibly 0.03 remains possible but increasingly unlikely. He added that within a few months, the exact bottom might become irrelevant.

FAQs

What is the current price of Ethereum?
The current price of Ethereum is $3,845.

What is the current price of Bitcoin?
The current price of Bitcoin is $103,000.

What is the current value of the ETH/BTC pair?
The current value of the ETH/BTC pair is 0.03755.

Is this a long-awaited altcoin season?
According to some analysts, this recent price action could be the early stages of a long-awaited altcoin season.

What is Benjamin Cowen’s forecast for the ETH/BTC pair?
Cowen projects significant gains in the ETH/BTC pair within the next six to 12 months, potentially leading to an altcoin season.

What are the historical trends of the ETH/BTC pair?
According to Cowen, the ETH/BTC pair often gains momentum in December or January.

Conclusion

In conclusion, the recent price action of Ethereum, coupled with the performance of the ETH/BTC pair, suggests that the cryptocurrency may be in the early stages of a long-awaited altcoin season. While the exact timeline and extent of this recovery are unknown, analysts such as Benjamin Cowen project significant gains within the next six to 12 months.