Ethereum (ETH) may not have reached the bottom of its bear market yet. Nicholas Merten, the host of the DataDash channel, said that after the upgrade, the ETH price could drop more than 90% from its all-time high.
According to data analysis website Coinglass, long bets in the cryptocurrency futures market were closed on March 2, totaling more than $210 million, reaching its highest point in the last thirty days.
“The ethereum to US dollar exchange rate still has a ways to go in the long term. We’re currently only 67% below (maximums), and we’re only down around 82%. Still, if we’re doing something like the usual bear market, it’s crucial to appreciate how much of a difference there is between 82% below all-time highs and 90% below.”
YouTube analyst Nicholas Merten
This would bring the price of ETH down to just a few hundred dollars if previous bear markets are any indication.
The analyst further states that the gap is essential, as it ranges from $870 to around $500. If it suffers something similar to previous bear markets, such as a 92% or 94% crash, the ETH price may fall. just a few hundred dollars.
The Coinglass analyst claims that the ethereum price is declining as it has been unable to break above the $1,600 to $1,800 barrier for several months. The market expert said that ethereum still has a ways to go before hitting bottom, given that its current price is 67% lower than its all-time high.
(embed)https://www.youtube.com/watch?v=mg8dVk53XA8(/embed)
Over the past few days, a dramatic exodus of major clients of cryptocurrency bank Silvergate has raised questions about the bank’s survival. As a direct consequence of these fears, the values of major cryptocurrencies have declined over the weekend. Due to this price drop, there was a noticeable increase in the number of liquidations.