Ethereum (ETH) has a long way to go before it reaches the bottom of the bear market, says crypto analyst Nicholas Merten
A widely followed crypto analyst says that Ethereum (ETH) still has much further to fall before it reaches the bottom of the bear market.
In a new video update, Nicholas Merten, the host of YouTube channel DataDash, tells his 511,000 subscribers that if past bear markets are any indication, ETH could fall over 90% from its all-time high, which would take it to just a few hundred dollars.
Ethereum is currently about 67% below its all-time high, meaning it has a lot more to go before bottoming out, according to Merten.
“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’re talking about ETH going down to just a few hundred dollars.”
Merten also says that ETH’s price action looks “weak” as it has remained in the same range for months, without breaking any meaningful resistance.
“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.”
Ethereum is trading at $1,565 at the time of writing, a fraction of the gain on the day.
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