The crypto market is pretty bloody today again, as the prices are seeing corrections. An important crypto analyst is warning of potential danger for the Ethereum (ETH) and altcoin markets.

In a new DataDash YouTube video, Nicholas Merten made sure to highlight the fact that there is still market confidence in Ethereum’s Bitcoin pair (ETH/BTC) despite recent drawbacks.

More downside for ETH?

“We have seen here that… we’re having another drawdown here in ETH’s price. But, so far, we have continued to maintain the trend we started back here in June of higher lows in price and generally still testing either at the similar range or higher ranges.”

He continued and said this:

“This is indicative of confidence in the market. Now that being realized, we have had a pretty solid correction [since September 2021]. It’s coming to a very fragile point, where…”

He believes that if we break below this range that we have on the chart, “which is somewhere around the worst-case scenarios, 0.06 on the ETH/BTC ratios, we’re currently in 0.066” – He said that if we get about another 10% decline against that ratio, this could be showing the fact that the market is about to see a longer correction.

At the moment of writing this article, ETH is trading in the red, and the coin is priced at $2,534.

Ethereum amidst the current geopolitical situation

The other day, we were addressing the fact that the crypto trader Michaël van de Poppe just said that the current war in Eastern Europe could drive crypto stalwarts Bitcoin (BTC) and Ethereum (ETH) to new lows.

He just said that the conflict between Ukraine and Russia is causing economic uncertainties. These are impacting indices, inflation rates as well as the prices of gold and Bitcoin.

Check out our previous article in order to learn more about what he had to say.

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