No products in the cart.
- Latest
- Trending
ADVERTISEMENT
A famous analyst issues dire warnings for Ethereum (ethereum) holders say the second-largest cryptocurrency by market cap could see an epic collapse.
In a new video, crypto strategist Nicholas Merten tells his 511,000 YouTube subscribers that Ethereum has a major skeleton in its closet that could cause ETH to lose 75% of its value from its current price of $1,220. says it’s inside.
Our target range for Ethereum is around $300-$500. I dont think it will stay there for long, but there is currently over $1.5 billion in potential cumulative liquidations for DeFi. It has to do with the fact that we have a large skeleton closet. [decentralized finance] Ethereum ecosystem. ”
Merten shares a chart showing the liquidation levels of the DeFi protocol on Ethereum. According to crypto strategists, these protocols will trigger massive sell-off events if ETH plummets to certain levels.
As we start approaching $750 to $550, we start to see a cascading effect of sell-side pressure in the Ethereum marketif you want to look at it from an ETH perspective, 1 million plus ETH pulls us down and creates additional sell-side There is a risk that it will cause pressure and cause the ETH price to plummet from $750 and $550 to $300.
According to Merten, ETH’s plunge to $300 is comparable to Ethereum’s massive correction during the 2018 crypto bear market.
If history were to repeat itself, simply repeating history without considering the macro environment would bring it down to $300.
Me
Don’t miss the beat apply To get encrypted email alerts delivered directly to your inbox
check price action
Please follow us twitter, Facebook When telegram
surfing The Daily Hodl Mix
 
Featured Image: Shutterstock/jovan vitanovski/Spyro the Dragon
