Ethereum vs Bitcoin: The Next Altcoin Season's Catalyst?

Ethereum's appeal against Bitcoin at current levels has been highlighted by analyst Benjamin Cowen, who believes that the Ethereum/Bitcoin (ETH/BTC) pair could be the catalyst for the next altcoin season. In a recent strategy session, Cowen, with over 968,400 followers on the social media platform X, shared his outlook on the crypto market.

Cowen noted that ETH/BTC at levels below 0.03 seems attractive, and he generally agrees with the sentiment that the pair could spark the next altcoin season. However, he cautioned that until ETH/BTC starts trending upwards, the altcoin season remains delayed. At the time of writing, ETH/BTC was valued at 0.02806 BTC ($2,738), with a 1.3% increase on the day.

According to Cowen, the altcoin season won't begin until ETH/BTC bottoms out. He advised traders to keep an eye on Bitcoin's dominance levels, as altcoin seasons tend to start from high levels of BTC dominance. Cowen explained that many people assume that a decrease in Bitcoin dominance is a negative thing for the crypto market, but in reality, it is a positive indicator for an altcoin season. He noted that Bitcoin dominance typically goes down in post-halving years, but so far, dominance has increased this year.

Cowen concluded his analysis by stating that while ETH/BTC could potentially dip further, it is already near its range lows. He expressed that he doesn't have a strong bearish case for ETH/BTC at this point, considering how close it is to the range lows.