Cryptocurrency analyst Benjamin Cowen is anticipating that Ethereum could be approaching cycle lows against Bitcoin (ETH/BTC). With a significant following of over 813,000 YouTube subscribers, Cowen points to historical patterns to support his prediction. By observing fractals from 2016 and 2019, Cowen suggests that the bottom for the Ethereum/Bitcoin pair is on the horizon.

Examining the price action of ETH/BTC, Cowen notes that the current market structure closely mirrors patterns seen in the 2016 and 2019 cycles. He highlights similarities such as printing a lower high, consolidating above the range lows, and subsequently breaking down. According to Cowen's analysis, the timing of the potential ETH/BTC bottom is tracking closely with previous cycles from 2016 and 2019.

Reflecting on the duration it took for Ethereum/Bitcoin to bottom out in previous cycles, Cowen highlights that in 2016, it took about seven weeks, while in 2019, it took approximately eight weeks. With the pair breaking below its range low around the week of July 22nd, it has now been eight weeks since this event. Cowen advises caution against assuming a substantial further decline in terms of time, indicating that while there may be a possibility of a slight decrease, a significant downturn might not be imminent. He speculates that the bottom for ETH/BTC could potentially occur this week or the next, emphasizing the proximity of this occurrence.