With the broader digital currency ecosystem in an uptrend, Ethereum’s (ETH) performance has come to the fore. While Ethereum has not performed badly, many still consider its growth subpar, especially as Bitcoin almost retested its all-time high (ATH) recently. Drawing on this, top market analyst Benjamin Cowen reiterated that Ethereum is not dying.
Ethereum’s performance from Bitcoin’s perspective
Ethereum’s growth is not completely disappointing when it is viewed as a standalone asset. In the past 24 hours, it has jumped by more than 2% to $2,675.24. Over the past week, the growth rate crossed 4%, extending the 52-week high to 47%.
However, compared to Bitcoin, Ethereum’s growth trend is dismal. Over the past week, Bitcoin has bounced by 8.68%, with a 52-week high of 109%. While BTC’s price is just about 1.92% from its ATH, Ethereum is still down by 45.2% from its highest price.
ETH is not dying.#ETH / #BTC is doing what it always does.
I think ETH/BTC bottoms this quarter and goes up in 2025.
Once ETH/BTC passes the 50D SMA, the bottom is in IMO.
Still a risk ETH/USD drops one more time in Nov/Dec but hedging makes sense pic.twitter.com/xAbg8Szi3N
— Benjamin Cowen (@intocryptoverse) October 30, 2024
Benjamin Cowen’s post on X explained what was going on. According to him, the ETH/BTC price chart only does what it always does, referencing the downtrend observed on a shared chart. However, he said there is a likelihood that the ETH/BTC pair will bottom out this quarter and chart an uptrend in 2025.
He projected that the bottom would be locked in once the ETH/BTC pair crossed the 50-day Simple Moving Average (SMA). Ultimately, Benjamin Cowen said he is not ruling out a drop amid expectations of a rally in the coming weeks.
Fundamentals needed to stay on guard
Ethereum’s price action, largely, does not reflect the updates to its ecosystem. Vitalik Buterin has shared a series of updates to reflect Ethereum’s future. Per his focus, the protocol’s goal is to get its nodes running as lightly and as cheaply as possible.
With a 10-year projection for anyone to run nodes on mobile, the Ethereum protocol has what it takes to lock in a massive valuation in the future.
