A extensively 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 may drop over 90% from its all-time excessive, which might take it to only a few hundred {dollars}.
Ethereum at present sits at about 67% under its all-time excessive, which means it has far more to go earlier than it reaches the underside, in response to Merten.
“The long-term ETH to USD pair nonetheless has an extended option to go. We’re proper solely 67% down from the [highs], we solely went about 82%, but when we’re doing something like the standard bear market, it’s necessary to comprehend simply how massive of a distinction 82% down from all-time highs is from, say, 90%.
The distinction is big, from $870 all the way in which right 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 seems “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] seems weak. We’ve got not been in a position to 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 achieve on the day.
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