Bitcoin And Ethereum Prices Potentially Drop, Crypto Analyst Says

JAKARTA - A leading crypto analyst, Nicholas Mertens, has expressed his view that the situation does not look favorable for the two largest crypto assets by market cap, Bitcoin and Ethereum.

Nicholas Mertens, known as DataDash, spoke to more than 511,000 of its customers, revealing that both Bitcoin (BTC) and Ethereum (ETH) have not experienced the expected increase. According to him, the market is at risk of continuing to decline.

Mertens explained, "The increase has not yet emerged as anticipated, and at this time we must prepare to face the challenges to come. Not only Bitcoin will be affected, but also the entire altcoin ecosystem, including Ethereum. There are warning signs that suggest a potential drop in Ethereum prices in the next few weeks, with risks to the up-stream support line."

Additional information, support is a price level where assets tend to stop falling and turn up. Resistance is a price level where assets tend to stop going up and back down.

He highlighted the potential deterioration in the situation if buyers do not provide support through purchases, especially if they are unable to penetrate resistance and raise prices. Distribution and supply points affecting the market today are located at around $ 2,000 (Rp30.6 million). If these points do not appear now, the bullish pattern that exists for a year could lose its validity.

Mertens also points out that currently more sellers than buyers for Ethereum, and positive factors in token economy, are unable to overcome this trend. According to its analysis, ETH is on the verge of breaking support (assistance level) and risks dropping to a level of 1,000 US dollars (Rp15.3 million).

Furthermore, Mertens said, "This may lead to a breakthrough in the current price range and a decline back to the previous support level or even lower, towards a region of hundreds of dollars for Ethereum. Although there are factors such as staking and deflation mechanisms, the main question remains centered on differences between buyers and sellers in the market."