Analyst Shares What To Look Out for Before Buying Ethereum

In their most recent YouTube video, the Altcoin Daily team interviewed quant analyst, Benjamin Cowen, and asked him when he thinks it would be best to buy altcoins, specifically Ethereum (ETH). At first, the analyst took a look at the ETH/BTC chart.

Ethereum / Bitcoin 1W (Source: TradingView)

When looking at this chart, Cowen points out the fact that ETH has been posting lower highs. He added that despite this, he believes that ETH will gain some strength against bitcoin, but is convinced it will only happen next year or even in 2025 after ETH experiences another drop in its dominance against the crypto king.

When it comes to the best time to buy the altcoin, Cowen believes traders should wait for the ETH/BTC dominance to drop to between 0.03 and 0.04 BTC again. He also added that he himself will be waiting for the price to reach this level before making a move.

Ethereum price (Source: CoinMarketCap)

Data from CoinMarketCap indicates that ETH is currently trading hands at $1,818.97 after a 0.33% price decrease over the last day. The altcoin was also able to reach a high of $1,282.54 and a low of $1,811.12 over the same time period.

Despite the fact that the crypto dropped a bit since yesterday, the altcoin is still in the green’ by more than 3% over the last week. At the moment, ETH’s 24 hour trading volume is in the red zone and stands at $5,301,182,631 after a more than 37% decrease.

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