Last week, the king of cryptocurrencies experienced significant losses, which had a highly negative impact on altcoins. Now, investors are eagerly waiting for a quick recovery. While many experts believe that the price will not linger below $26,000 in the long term, macro data suggests that risky days may continue. So, what did Merten say in his latest market update?
Crypto Analyst’s Prediction
Crypto analyst Nicholas Merten shared his latest market assessment with nearly half a million investors. According to the analyst, Bitcoin and Ethereum whales did not provide support during the recent downturn, and the dominant position of sellers is creating a gloomy picture.
In his latest market assessment published about 24 hours ago, the renowned crypto commentator said the following:
“Bulls did not show up as expected, and now we need to prepare ourselves for upcoming challenges. This difficulty is not only affecting Bitcoin but also all altcoins, including Ethereum. There are warning signs indicating a potential collapse of Ethereum in the next few weeks, and the rising support line is at risk.
If bulls cannot provide support through buying and fail to break resistance, the situation may worsen. The distribution and supply point that hit the market was $2,000, and if they don’t emerge now, the year-long rising formation may be invalidated.”
Bitcoin and Altcoin Analysis
Of course, analysts do not predict the future. Moreover, if they had the ability to foresee the future, why would they share their predictions with others? Therefore, analysts’ views should not be accepted as definite scenarios that will happen. We have also seen that analysts often make mistakes in their predictions based on the data they have and their perspective on the market. On the other hand, while Merten expects a decline, we also know that other popular analysts are indicating a rise. So, when Bitcoin moves, someone will be proven right, and this will not make them fortune tellers.
Merten states that there are currently more Ethereum sellers than buyers, and no bullish tokenomic factor can solve this. According to the analyst, ETH may be on the verge of breaking support and dropping to $1,000.
“This could lead to a break of the current price range and a return to the previous support, even a further downward move towards the capitulation zone worth hundreds of dollars for Ethereum. Despite factors like staking and deflation mechanisms, we may observe this happening. The problem is the dominant position of sellers in the market.
Whether it is upward or downward liquidity inconsistency, it influences price trends. Even among those who believe in a new bull market narrative, the prevailing sentiment reflects a moment of pause. Ethereum and the broader crypto space face significant shortcomings in terms of fundamentals.”