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 just some hundred {dollars}.
Ethereum at present sits at about 67% under its all-time excessive, which means it has rather more to go earlier than it reaches the underside, in line with Merten.
“The long-term ETH to USD pair nonetheless has a protracted 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 normal bear market, it’s vital to understand simply how huge of a distinction 82% down from all-time highs is from, say, 90%.
The distinction is large, from $870 all the best way 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 just some hundred {dollars}.”
Merten additionally says that ETH’s worth motion seems “weak” because it has stayed in the identical vary for months, with out breaking any significant resistance.
“Folks actually underestimate these proportion variations when measuring high to backside, they assume ‘Oh, there can’t be an excessive amount of of a distinction between an 80% or 90% correction.’ Properly, there’s a huge distinction, and I don’t know precisely when that timeline goes to be…
Simply trying [ETH’s] worth, [it] seems weak. Now we have 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 yr now.”
Ethereum is buying and selling for $1,565 at time of writing, a fractional acquire on the day.
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