On Thursday (March 3), crypto analyst Nicholas Merten shared his thoughts on the Ethereum ($ETH) price action.
According to a report by The Daily Hodl, in a video update for the DataDash YouTube channel, Merten had this to say how bad things could get for the $ETH price in this current crypto bear market:
“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%... 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...
“People really underestimate those percentage differences when measuring top to bottom, they think ‘Oh, there can’t be too much of a difference between an 80% or 90% correction.’ Well, there is a massive difference, and I don’t know exactly when that timeline is going to be… Just looking [ETH’s] price, [it] looks weak. We have not been able to get above [the] $1,600 to $1,800 range for Ethereum for multiple months, more than half of a year now.”
Merten could be right in the short to medium term about the $ETH price, but crypto analyst Guy Turne, who is the host of YouTube series Coin Bureau, believes that the long-term future of Ethereum is pretty bright.
Last month, according to a report by The Daily Hodl, Turner said this about Ethereum:
“I guess the important thing about whether the flippening happens or not is that it isn’t a big deal. I think a lot of maxis on either side of the fence tend to get worked up about it and stuff... They have different roles. They’re doing different things, so [if] ETH flips BTC or doesn’t, it’s not really a big deal as far as I’m concerned... I personally think it will probably happen given the just continued growth of Ethereum’s ecosystem and how many people I think in the future will be using it. And it will be one of those things you’ll be using without really realizing it.”
“I can only see Ethereum growing. I mean, it’s got so much market share at the moment. It is constantly evolving, constantly finding new things, and we’ve already got this whole layer-2 ecosystem system built on top of it already. I really do feel that Ethereum is going to be the base layer, the base chain.“
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