A broadly adopted crypto analyst says that Ethereum (ETH) nonetheless has a lot additional to drop earlier than it reaches its bear market backside.
In a brand new video replace, Nicholas Merten, the host of YouTube channel DataDash, tells his 511,000 subscribers that if earlier bear markets are any indication, ETH might drop over 90% from its all-time excessive, which might take it to only a few hundred {dollars}.
Ethereum presently sits at about 67% beneath its all-time excessive, which means it has far more to go earlier than it reaches the underside, based on Merten.
“The long-term ETH to USD pair nonetheless has an extended solution to go. We’re proper solely 67% down from the [highs], we solely went about 82%, but when we’re doing something like the normal bear market, it’s necessary to comprehend simply how huge of a distinction 82% down from all-time highs is from, say, 90%.
The distinction is large, from $870 all the way in which all the way down to about $500, and if we see once more what we [saw] in earlier bear markets, say [a] 92% correction or a 94% correction, you’re speaking about ETH taking place to only a few hundred {dollars}.”
Merten additionally says that ETH’s value motion appears to be like “weak” because it has stayed in the identical vary for months, with out breaking any significant resistance.
“Individuals actually underestimate these proportion variations when measuring prime to backside, they assume ‘Oh, there can’t be an excessive amount of of a distinction between an 80% or 90% correction.’ Nicely, there’s a large distinction, and I don’t know precisely when that timeline goes to be…
Simply trying [ETH’s] value, [it] appears to be like weak. We’ve got not been capable of get above [the] $1,600 to $1,800 vary for Ethereum for a number of months, greater than half of a 12 months now.”
Ethereum is buying and selling for $1,565 at time of writing, a fractional acquire on the day.
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