Ethereum has so far avoided a drop below $1,000. However, a highly quoted analyst is now warning of a correction that will not only put ETH, but also the wider crypto ecosystem, under severe pressure.
Ethereum: Soon below $1,000?
Ethereum (ETH) delighted its investors yesterday with a brief intraday pump. However, the coin was not able to hold its gains for long – as expected: shortly after hitting the local high of $1,264, ETH bulls had to admit defeat, as a result the coin rallied again. dropped – to $1,249, where Ethereum is currently trading.
With losses of 0.13% in the last 24 hours, the second most valuable cryptocurrency is currently in good company: Bitcoin is also facing minimal losses, having lost 0.32% of its value. Most altcoins are also treading water, with the overall crypto market cap down 0.14% since yesterday.
Many analysts are now looking to March: Then there will be a significant change in the Ethereum network, stakers will finally be able to withdraw their staked coins. While this is seen as a positive, popular industry watcher Nicholas Merten warns in a new Ethereum analysis: According to his assessment, Ethereum is still on a downtrend. Mertens Ethereum Prediction:
“This chart is declining very soon.”
This also applies, although Ethereum has remained relatively neutral towards Bitcoin. Background: The leading smart contract platform is currently trading well below its 200-day moving average and its 200-week moving average. Merten adds:
“We have been trading below this range since FTX collapsed in November 2022. And since then we have repeated the same pattern as in June, where the 200 week moving average begins to act as resistance.
According to the chart expert, Ethereum (ETH) should now gain at least 15% to generate new bullish momentum for a rally. ETH is currently trading at $1,249, so it would need to rally to at least $1,436 to provide momentum for the bulls. Until that happens, Merten says he will remain bearish.
Big Altcoin Dying Coming?
Moreover, he even warns of a sharp correction that will not only send Ethereum south, but also trigger a mass altcoin death. According to his assessment, many cryptocurrencies are overvalued. There would be a lot of fake reviews and “false hopes that a lot of these names will still be around in a year or two.”
He has been an active trader since 2016 and has participated in a number of crypto rounds. Many of the great altcoins of the time are simply “not around anymore”. His conclusion:
“Many investors have either learned their lessons or haven’t learned them yet. Sadly, many of the altcoins that are here today will no longer be around.
However, Ethereum, as the second most valuable cryptocurrency and leading smart contract platform, should not be among them. Here is Nicholas Merten’s full Ethereum forecast.
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