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A top crypto analyst is warning of potential danger for the Ethereum (ETH) and altcoin markets.
In a new DataDash YouTube video, Nicholas Merten tells his 511,000 subscribers that there is still market confidence in Ethereum’s Bitcoin pair (ETH/BTC) despite recent drawbacks.
“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.
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… 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 – if we get about another 10% decline against that ratio, this could be a tell-tale sign that the market is ready for a longer drawdown.”
Merten goes on to explain that while he’s a big believer in crypto disrupting the financial markets over the next decade, that doesn’t mean Ethereum’s price won’t stumble before realizing potential new highs.
“If we do really get a decline below [the 0.06 ETH/BTC] range, that can be a really big warning sign for prices.
It not only breaks this line of confidence, which we’d really like to see be held here but on top of that, it’s not able to find these potential lower support ranges where you have a little bit more leeway for corrections and price.”
Ethereum is trading for $2581 at time of writing, while its bitcoin pair remains at 0.067 ETH/BTC.
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Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia