Cryptocurrency analyst Benjamin Cowen believes Ethereum is nearing its cycle bottom against Bitcoin. He shared this view in a recent video update to his YouTube audience.

Cowen argues that all alternative cryptocurrencies will eventually reach their lowest point relative to Bitcoin. He suggests Ethereum is close to this milestone.

However, he notes that Bitcoin's market dominance is still rising. This metric measures Bitcoin's market capitalization against that of all other cryptocurrencies. "I still think that Bitcoin dominance is in an uptrend," Cowen states. He predicts it could reach approximately 60%.

Currently, Bitcoin's dominance stands at 57.64%, according to TradingView data.

This ongoing trend implies the ETH/BTC pair may experience further decline. Cowen acknowledges this possibility in his analysis.

Despite this, he proposes that Ethereum could bottom out against Bitcoin before other alternative cryptocurrencies. This scenario challenges the common assumption that all cryptocurrencies bottom simultaneously. "There does exist a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against Bitcoin," Cowen explains.

He emphasizes that different assets may reach their lowest points against Bitcoin at varying times. Cowen believes Ethereum is currently in its "final stages of capitulation" against Bitcoin.

While uncertain about the exact low point, Cowen expresses confidence in a relatively soon bottom for ETH/BTC. He outlines a worst-case scenario involving a brief upward movement followed by a lower low in December.