Prominent virtual currency analyst Nicholas Marten warned that Ethereum (ETH) could fall to $300 in the future.
Our target on the Ethereum chart is between $300 and close to $500. It is unlikely that the correct value will hold the bottom for long.
The coin’s value will fall due to a large skeleton in the closet where more than $1.5 billion in digital assets in the decentralized economic ecosystem will likely be liquidated.
According to Nicholas, we could see an acceleration to the downside after ETH’s directional move below $750. In that case, DeFi users will begin to aggressively release their coins, starting a chain reaction.
He expects ETH to drop to $300 in global coin sales in late March or early April 2023.
If Merten’s watch for Ethereum to fall to $300 comes to fruition, the bearish trend that began in late 2021 will be as strong as the downtrend of 2018, when the asset’s price fell nearly 95%.
In this case, however, the trends vary widely in duration: four years ago, the market reversion lasted 329 days; in the current virtual currency gin, ETH could fall 94% in 511 days and nights.
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