Ethereum may underperform against Bitcoin!

Cryptocurrency analyst Benjamin Cowen said Ethereum (ETH) is likely to underperform Bitcoin (BTC). Stating that altcoins generally have lower gains compared to Bitcoin, Cowen stated that a large part of his own cryptocurrency portfolio consists of Bitcoin and predicts that it will perform better than the rest of the market.

Cowen, who believes that the Bitcoin Dominance (BTC.D) chart will continue to rise, said this means that altcoins, including Ethereum, are making less gains against Bitcoin. BTC.D is an indicator of the percentage of Bitcoin's market capitalization, and its rise indicates the relative underperformance of altcoins.

Stating that Ethereum has fallen below an important trend line against Bitcoin and is trying to retest this trend line, Cowen stated that it is facing significant resistance. He added that there was a similar situation in the past bull cycle and that the ETH / BTC pair is currently retesting the same trend line.

According to Cowen, even if the ETH/BTC pair breaks above the current trendline, it needs to decisively break the uptrend and confirm it as support. The analyst noted that Ethereum has a lot of resistance levels to overcome against Bitcoin, which can be examined by plotting them horizontally.

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