Crypto Analyst: Massive Selling Action Awaits Altcoin, Ethereum Stays Strong

Cryptocurrency. (Photo; Doc. National Turk)

JAKARTA - A well-known crypto analyst, Nicholas Merten, has expressed his views on the current condition of the altcoin market. In a new strategic session on the DataDash YouTube channel which was followed by 511,000 subscribers, Merten stated that altcoins have the potential to experience significant corrective movements.

Highlighting Binance Coin (BNB), the fifth-ranked digital asset that is the original token of the Binance crypto exchange, Merten said that its price movement may provide clues about the overall direction of the altcoin market. If BNB could not maintain a market capitalization level of 30 billion US dollars (around Rp451 trillion), it would likely face deep corrections.

"From existing cryptocurrencies, one that stands out and looks more bullish for me is the price pattern of Ethereum. Over the past year more than a year, Ethereum has built a triangular rise (asscending triangle). This is a bullish pattern in which you have a flat resistance range... it will usually bounce up," Merten said.

"However, I would like to make it clear that there is no guarantee for it (bullish), just like all other technical patterns, we just do with what we can," he added.

Despite Merten warning about altcoin conditions, he stated that Ethereum remains an asset that can survive in current market conditions. However, Merten also warned that there is no definite guarantee in technical analysis, and we must always be careful in investment decision making.

At the time of writing, Binance Coin's market cap reached 37.6 billion US dollars (Rp565 trillion), while Merten assessed Ethereum showed power with a promising price pattern. Currently, ETH is trading at the level of Rp28 million per coin with a market capitalization of Rp3.4 quadrillion. Its performance decreased by 2.4 percent in the past week according to Coinecko data.