'ETH is Not Dying' Analyst Benjamin Cowen Shares Hot Take

With the broader digital currency ecosystem in an uptrend, Ethereum's ($ETH) performance has come to the fore. While Ethereum has not performed badly, many still consider its growth subpar, especially as Bitcoin almost retested its all-time high ($ATH) recently. Drawing on this, top market analyst Benjamin Cowen reiterated that Ethereum is not dying.

Ethereum's performance from Bitcoin’s perspective

Ethereum’s growth is not completely disappointing when it is viewed as a standalone asset. In the past 24 hours, it has jumped by more than 2% to $2,675.24. Over the past week, the growth rate crossed 4%, extending the 52-week high to 47%.

However, compared to Bitcoin, Ethereum's growth trend is dismal. Over the past week, Bitcoin has bounced by 8.68%, with a 52-week high of 109%. While $BTC's price is just about 1.92% from its $ATH, Ethereum is still down by 45.2% from its highest price.

Benjamin Cowen’s post on X explained what was going on. According to him, the $ETH/$BTC price chart only does what it always does, referencing the downtrend observed on a shared chart. However, he said there is a likelihood that the $ETH/$BTC pair will bottom out this quarter and chart an uptrend in 2025.

He projected that the bottom would be locked in once the $ETH/$BTC pair crossed the 50-day Simple Moving Average (SMA). Ultimately, Benjamin Cowen said he is not ruling out a drop amid expectations of a rally in the coming weeks.

Fundamentals needed to stay on guard

Ethereum's price action, largely, does not reflect the updates to its ecosystem. Vitalik Buterin has shared a series of updates to reflect Ethereum's future. Per his focus, the protocol's goal is to get its nodes running as lightly and as cheaply as possible.

With a 10-year projection for anyone to run nodes on mobile, the Ethereum protocol has what it takes to lock in a massive valuation in the future.