• Crypto analyst Nicholas Mertens warns that Bitcoin (BTC) and Ethereum (ETH) are set to face significant upcoming challenges.
• Mertens says there are many more Ethereum sellers than buyers, and that no amount of bullish tokenomic factors can address it.
• He adds that ETH may be on the verge of breaking support and heading below the $1,000 level.
Bitcoin and Ethereum on Verge of Collapse
Crypto analyst Nicholas Mertens has warned his 511,000 DataDash subscribers that Bitcoin (BTC) and Ethereum (ETH) bulls haven’t come through, indicating that the markets are set to tumble further. According to Merten’s analysis, ETH may be on the verge of breaking support and heading below the $1,000 level due to a lack of market buyers versus market sellers. The current situation could worsen if bulls fail to provide support by buying as they didn’t do for resistance or boost prices.
Warning Signs Indicating Ethereum’s Potential Collapse
Merten has pointed out warning signs indicating Ethereum’s potential collapse in the next few weeks as its ascending support line is at risk. He explains that despite positive tokenomic factors such as staking and deflationary mechanisms, there is still an imbalance between liquidity due to a lack of buyers compared with sellers which drives price trends – whether upwards or downwards.
Bulls Did Not Show Up As Expected
Merten notes that the expected bullish sentiment failed to appear leading up to this point in time which could result in breaking through current price ranges and descending back towards capitulation territory in terms of hundreds or even dollars for Ethereum. The point of distribution/supply hitting the market was around $2000 however if buyers don’t show up then the year-long bullish pattern will lose its confirmation.
Current Market Prices
At time of writing BTC is worth $25,837 having decreased 11.4% over a one week period while ETH is trading for $1,636 after experiencing a 10.2% decrease in value over seven days too.
It appears Bitcoin (BTC) and Ethereum (ETH) are about to experience some turbulent times ahead according to crypto analyst Nicholas Mertens who has warned his 511k DataDash subscribers about potential collapses for both crypto assets due to misbalances between liquidity from market buyers versus sellers which drives price trends – either upwards or downwards depending on prevailing sentiment at any given point in time