$ETH: Crypto Analyst Says Ethereum Price Could Drop to “Just a Few Hundred Dollars”
On Thursday (March 3), crypto analyst Nicholas Merten shared his thoughts on Ethereum ($ETH) price action.
According to a report by The Daily Hodl, in a video update for the DataDash YouTube channel, Merten had this to say about how bad things could get for the $ETH price in this current crypto bear market:
“The long-term ETH to USD pair still has a long way to go. We are right only 67% down from [highs]we only went around 82%, but if we’re doing something like the traditional bear market, it’s important to realize how big of a difference 82% down from all-time highs is from, say, 90%... The difference is huge, from $870 all the way down to around $500, and if we look again what we [saw] in previous bear markets, say [a] 92% correction or a 94% correction, you are talking about ETH going down to just a few hundred dollars...
“People really underestimate the percentage differences when they measure top to bottom, they think ‘Oh, there can’t be too much difference between an 80% or 90% correction.’ Well, there is a huge difference and I don’t know exactly when that timeline is going to be… Just looking [ETH’s] price, [it] looks weak. We haven’t managed to get over [the] $1,600 to $1,800 for Ethereum for months, more than half a year now.”
Merten may be right in the short to medium term about the $ETH price, but cryptoanalyst Guy Turne, who is the host of the YouTube series Coin Bureau, believes that the long-term future of Ethereum is quite bright.
Last month, according to a report by The Daily Hodl, Turner said this about Ethereum:
“I guess the important thing about whether the flip happens or not is that it’s not a big deal. I think a lot of maxis on either side of the fence tend to get upset about it and stuff... They have different roles. They do different things, that is [if] ETH flipping BTC or not, it’s not really a big deal as far as I’m concerned... I personally think it’s likely to happen given the continued growth of Ethereum’s ecosystem and how many people I think in the future will use it. And it will be one of those things that you’re going to use without realizing it.”
“I can just see Ethereum growing. I mean, it has so much market share at the moment. It’s constantly evolving, constantly finding new things, and we’ve already built this whole layer-2 ecosystem system on top of that already. I feel really that Ethereum is going to be the base layer, the base chain.“
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