Crypto Analyst Nichaolas Merten warns that ETH has a long way to go still before it bottoms out

The widely followed crypto analyst, Nicholas Merten, claims that Ethereum (ETH) has not yet hit its bear market bottom and still has a significant amount to drop. In a recent video update on his YouTube channel, DataDash, he asserted that if previous bear markets are any indication, ETH could drop more than 90% from its all-time high, which would put it at just a few hundred dollars.

Merten argues that ETH is currently 67% below its all-time high, indicating that it still has a long way to go before it reaches the bottom. He points out that the long-term ETH to USD pair still has much ground to cover. While it is presently at 67% down from the ATH, if it follows the traditional bear market trend the difference between an 82% drop and a 90% fall from the all-time high is enormous.

The important thing to note here is that Merten, does actually try to provide a rational data-driven explanation behind its claims and does so in a rational way. Finding a crypto YouTuber that does feet-on-the-ground analysis and doesn’t join the hype train for views is as rare as finding a good use case for Ordinals. However, I would like to point out that a lot technical analysis takes into account historical events, which may or may not bear any weight into the future. That’s not…