Ethereum (ETH) Has Long Way To Go Before Reaching Bear Market Bottom, Says Crypto Analyst Nicholas MertenMarch 06, 2023 8493 by admin
One closely watched login password analyst said there was still a higher decline in ETH before the bear market hit bottom.
In an interesting video version update, YouTube channel DataDash host Niedermerten told its 511000 users that if there are any signs of a bear market, ETH is likely to fall by more than 90% from its all-time high, which will make it only a few hundred dollars.->
According to Merten, the current etheric share price is about 67% below its all-time high, which means there is more to go before it hits bottom.
There is still a long way to go for ETH to maintain its foreign exchange currency against the dollar. Our own forecast analysis is only down 67% from (higher), and the decline is only about 82%, but if we are doing something like a traditional bear market, the key is to realize, how much is the difference between an 82% drop from an all-time high and a 90% drop?
The difference is very big, from $870 to around $500. if we see the situation in the previous bear market again, such as 92% adjustment or 94% adjustment, you think ETH will fall to only a few hundred dollars.
Merten also stressed that the market price of ETH looks "weak" because it has been in the same segment for many months and does not increase all valuable friction.
"when you look at it from the top down, people do underestimate this percentage difference, and in their view,'Oh, it's hard to make a big difference between 80% or 90% of the adjustment.' Well, it's very different, and I don't know which day it is.
In terms of the price of [ETH] alone, [it] looks weak. It has been more than half a year since we have not been able to set the price of the ether in the range of $1600 to $1800 for months.
At the time of writing, the etheric price was $1565, a slight increase on the day.