Bitcoin and Ethereum, the top two crypto assets by market cap, are in for a tough ride, as per the analysis of a well-known crypto expert. Nicholas Mertens, with a massive following of 511,000 subscribers on DataDash, has warned that the markets are further declining due to the lack of support from bulls.
New BTC and ETH predictions are out
The entire altcoin space, including Ethereum, is feeling the heat of this decline. Mertens has identified warning signs indicating a potential collapse of Ethereum in the coming weeks.
The ascending support line of Ethereum is at risk, and if the bulls fail to provide the necessary support, the situation could worsen.
The point of distribution and supply hitting the market was at $2000, and if the bulls don’t appear now, the year-long bullish pattern in progress could lose its confirmation. It’s crucial to take this warning seriously and act accordingly to prevent any further damage to the market.
Merten says there are simply many more Ethereum sellers than buyers at the moment and that no amount of bullish tokenomic factors can address it. According to the analyst, ETH may be on the verge of breaking support and heading below the $1,000 level.
This might lead to breaking through the current price range and descending back to previous support or even further down towards capitulation territory in the hundreds of dollars for Ethereum.
Despite factors like staking and deflationary mechanisms, the essential question revolves around market buyers versus market sellers.
This discrepancy in liquidity drives price trends, be it upward or downward. The prevailing sentiment seems to reflect a music-stop moment, even among those who believed in a new bull market narrative.
Ethereum and the broader crypto space are facing notable shortcomings in terms of fundamentals.
There are all kinds of optimistic predictions about the price of BTC and ETH. Stay tuned for more news from the crypto space.
