A widely followed crypto analyst says that Ethereum (ETH) still has much further to drop before it reaches its bear market bottom.
In a new video update, Nicholas Merten, the host of YouTube channel DataDash, tells his 511,000 subscribers that if previous bear markets are any indication, ETH could drop over 90% from its all-time high, which would take it to just a few hundred dollars.
Ethereum currently sits at about 67% below its all-time high, meaning it has much more to go before it reaches the bottom, according to Merten.
“The long-term ETH to USD pair still has a long way to go. We are right only 67% down from the [highs], we only went about 82%, but if we are doing anything like the traditional bear market, it’s important to realize just how big of a difference 82% down from all-time highs is from, say, 90%.
The difference is huge, from $870 all the way down to about $500, and if we see again what we [saw] in previous bear markets, say [a] 92% correction or a 94% correction, you’re talking about ETH going down to just a few hundred dollars.”
Merten also says that ETH’s price action looks “weak” as it has stayed in the same range for months, without breaking any meaningful resistance.
“People really underestimate those percentage differences when measuring top to bottom, they think ‘Oh, there can’t be too much of a difference between an 80% or 90% correction.’ Well, there is a massive difference, and I don’t know exactly when that timeline is going to be…
Just looking [ETH’s] price, [it] looks weak. We have not been able to get above [the] $1,600 to $1,800 range for Ethereum for multiple months, more than half of a year now.”
Ethereum is trading for $1,565 at time of writing, a fractional gain on the day.
Featured Image: Shutterstock/StunningArt