A widely-supported crypto analyst claims that Ethereum (ethereum) must fall additional earlier than hitting the underside of the bear market.
In a brand new video replace, Nicholas Merten, host of YouTube channel DataDash, mentioned: To inform His 511,000 subscribers say that if the earlier bear market is any indication, ETH may plunge greater than 90% from all-time highs to just some hundred {dollars}.
In accordance with Merten, Ethereum is at present about 67% under its all-time excessive, and there’s nonetheless lots of work to do earlier than hitting the underside.
“The ETH to USD long-term pair nonetheless has a protracted solution to go. Solely down 67%. [highs] we solely went about 82%, however for those who’re doing one thing like a conventional bear market, how completely different is an 82% drop from an all-time excessive to, say, 90% You will need to perceive what’s huge.
The distinction is large, taking place from $870 to about $500. [saw] In earlier bear markets, [a] A 92% correction or a 94% correction means ETH drops to just some hundred {dollars}. ”
Merten additionally mentioned that ETH’s worth motion has remained in the identical vary for months and appears “weak” with out breaking any significant resistance.
“Individuals actually underestimate the distinction in these percentages when measuring high to backside. Nicely, there is a huge distinction and we do not know precisely when that timeline will probably be…
simply watching [ETH’s] worth, [it] seems to be weak.we could not go on [the] Ethereum worth has been within the $1,600 to $1,800 vary for a number of months and is now over half a yr. ”
Ethereum is buying and selling at $1,565 on the time of writing, a small revenue for the day.
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