Popular crypto analyst Nicholas Merten says that Ethereum (ETH) remains overvalued and he expects a steep price decline.
In a new video update, Merten tells his 512,000 YouTube subscribers that the current value of the smart contract platform Ethereum is heading downward according to the analysis of its weekly chart.
Looking at his chart, Merten appears to forecast Ethereum dropping to a low of around $300 early next year. At time of writing, Ethereum is trading hands at $1,135.
Merten also looks at the US Dollar Index (DXY), a measure of the US dollar’s strength against other currencies. A strengthening DXY tends to mean a weakening crypto market. Merten is forecasting the DXY will increase to the 110 to 114 range. At time of writing, the DXY is at the 107 range.
Source: Nicholas Merten