The Ethereum price has surged above $3,800, experiencing a 5% rise in the past day. This increase coincides with Ethereum performing well against Bitcoin in recent weeks. Benjamin Cowen, a crypto analyst, believes these trends could signal an upcoming rise of Ethereum against Bitcoin over the next six to 12 months.
Bitcoin's price has consolidated below $99,000 recently, awaiting a break past $100,000. Meanwhile, Ethereum's price ascent from $3,340 on November 26 has led it and other altcoins to outperform Bitcoin, raising speculation about a potential altcoin season initiation.
Cowen notes a recent bottoming of the ETH/BTC pair at 0.03187, mirroring his earlier prediction of a possible dip to 0.03, when the pair traded around 0.066 in 2023. Since then, Ethereum's value relative to Bitcoin declined until recent weeks before its current rebound.
Cowen suggests historical trends show the ETH/BTC pair gaining momentum in December or January, indicating Ethereum's early stages of recovery. A significant movement may result in Ethereum outperforming Bitcoin over the coming 6-12 months, possibly marking a full altcoin season.
As of now, Ethereum is trading at $3,845, with Bitcoin above $100,000 at $103,000. The ETH/BTC pair stands at 0.03755. Cowen's positive outlook on Ethereum's performance against Bitcoin has reinvigorated discussions around altcoin prospects.
