Things Are About to Get Worse for Bitcoin and Ethereum, Says Crypto Analyst Nicholas Merten – Here’s His Outlook
A crypto analyst, Nicholas Merten, warns that Bitcoin and Ethereum are in for a tough time as the bullish momentum fades. Here are the key points:
1. The bulls did not show up as expected, leading to upcoming challenges for Bitcoin and Ethereum.
2. Ethereum’s potential collapse is indicated by the risk to its ascending support line in the next few weeks.
3. The market is currently experiencing more sellers than buyers for Ethereum, which may drive the price below $1,000.
4. Factors like staking and deflationary mechanisms cannot address the discrepancy in liquidity between buyers and sellers.
5. Both Bitcoin and Ethereum have seen significant price drops in the past week.
In conclusion, the outlook for Bitcoin and Ethereum is bleak, with the potential for further price declines and a collapse in Ethereum’s support line. The market imbalance between buyers and sellers poses a significant challenge for the crypto space.
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