Ethereum (ETH) Has Long Way To Go Before Hitting Bear Market Bottom

There are new reports out about the price of Ethereum. Here are the latest news about ETH below.

At the moment of writing this article, ETH is trading in the red, and the coin is priced at $1,569.

A widely followed crypto analyst says that Ethereum (ETH) still has much further to drop before it reaches its bear market bottom.

In a new video update, Nicholas Merten, the host of YouTube channel DataDash, said recently that if previous bear markets are any indication, ETH could drop over 90% from its all-time high, which would take it to just a few hundred dollars.

Ethereum currently sits at about 67% below its all-time high, meaning it has much more to go before it reaches the bottom, according to Merten.

“The long-term ETH to USD pair still has a long way to go. We are right only 67% down from the [highs], we only went about 82%, but if we are doing anything like the traditional bear market, it’s important to realize just how big of a difference 82% down from all-time highs is from, say, 90%.”

He continued and said this:

“The difference is huge, from $870 all the way down to about $500, and if we see again what we [saw] in previous bear markets, say [a] 92% correction or a 94% correction, you’re talking about ETH going down to just a few hundred dollars.”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $22,346.

A closely followed crypto analyst who nailed the 2022 bottom for Bitcoin (BTC) is predicting when the king crypto could possibly turn a corner and rally.

The analyst, pseudonymously known as DonAlt said recently that the legacy asset markets are having a bearish effect on Bitcoin. Check out the previous article in order to learn more details about this.