Ethereum (ETH) may not have reached the bottom of its bear market yet. Nicholas Merten, the DataDash channel host, said that after the upgrade, the price of ETH might fall by more than 90% from its all-time high.
According to the data analytics website Coinglass, on March 2, long bets in the cryptocurrency futures market were closed off, totaling more than $210 million, reaching its highest point in the last thirty days.
“The ethereum to US dollar exchange rate still has a ways to go in the long run. We are presently just 67% down from the [highs], and we only dropped around 82%. Still, if we are doing anything like the usual bear market, it is crucial to appreciate just how much of a difference there is between 82% down from all-time highs and 90% down.”
YouTube analyst Nicholas Merten
This would bring the price of ETH down to only a few hundred dollars if previous bear markets are any indication.
The analyst further claims the gap is essential since it ranges from $870 to around $500. If it suffers anything similar to previous bear markets, such as a collapse of 92% or 94%, one may see the price of ETH drop to just a few hundred dollars.
The Coinglass analyst states that the price of ethereum is declining since it has been unable to break over the $1,600 to $1,800 barrier for several months now. The market expert said ethereum still has a way to go before it hits rock bottom, given that its current price is 67% lower than its all-time high.
Throughout the last few days, a dramatic exodus of substantial clients from the cryptocurrency bank Silvergate has prompted doubts about the bank’s survival. As a direct consequence of these fears, the values of important cryptocurrencies have decreased over the weekend. Due to this price drop, there was a noticeable rise in the number of liquidations.