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 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% beneath its all-time excessive, that means it has way more to go earlier than it reaches the underside, in accordance with Merten.
“The long-term ETH to USD pair nonetheless has a protracted method 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 essential to understand simply how large of a distinction 82% down from all-time highs is from, say, 90%.
The distinction is large, from $870 all the best way 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 share variations when measuring prime to backside, they suppose ‘Oh, there can’t be an excessive amount of of a distinction between an 80% or 90% correction.’ Effectively, 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 now 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 achieve on the day.
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