Experienced cryptocurrency analyst Nicholas Merten has warned that the largest smart contract platform, Ethereum (ETH), will experience a major collapse. Analysts believe that the king of counterfeit coins faces a huge risk of collapse
Experienced cryptocurrency analyst Nicholas Merten has warned that the largest smart contract platform, Ethereum (ETH), will experience a major collapse. Analysts believe that the king of counterfeit coins faces a huge risk of collapse.
Experienced cryptocurrency analyst Nicholas Merten pointed out that Ethereum has been breaking through its rising triangle shape for over a year. According to Merten, the fact that Ethereum has not yet convincingly surpassed the resistance of the rising form indicates that ETH is weak and may move towards a lower level:
Ethereum seems unable to gain momentum. It continues to fall below $2000, although this may not be a problem for some time, it will eventually break through the upward or downward support line, indicating the worst-case scenario.
If there is no buying pressure here, it may return to its previous support level of $1100 or even drop to $890, just like in June. Perhaps the situation will get worse and move towards the goal of between $300 and $500.
The current trading price of ETH, the king of counterfeit coins, is $1597, slightly lower than Merten's upward triangle shape and the upward support trend line at the time of writing.
Increasing warnings for ETH
Merten is not the only analyst alerting about the potential collapse of Ethereum. Famous cryptocurrency analyst and strategist Benjamin Cowen also issued a similar warning, stating that a maximum drop of $400 is possible:
The possibility of forming a lower low point is high, but this may not be the lowest low point. The price may fall below $800. In addition, prices may further decrease. It may drop to $600, $500, or even $400.
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