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Analyst Predicts Ethereum Price to drop to $ 300 in 2023

Analyst predicts Ethereum price to drop to $300 in 2023

Popular cryptocurrency analyst Nicholas Merten has warned of an impending drop in the price of Ethereum (ETH) to $300.

Our target on the Ethereum chart is around $300 to $500. I don’t think the price will stay at the bottom for long.

The value of the coin will fall because of the large skeleton in the closet, which is the possible liquidation of over $1.5 billion in digital assets in the decentralized financial http://ncrypto.site/where-can-you-buy-bonfire-crypto/ ecosystem,” said Merten.

According to Nicholas, the downward movement will noticeably accelerate once the ETH exchange rate drops below $750. If that happens DeFi users will actively get rid of their coins and cause a chain reaction.

He expects ETH to go down to $300 by the end of March or beginning of April 2023.

If Merten’s forecast about Ethereum’s value going down to $300 comes true, the bearish trend that started at the end of 2021 will be as strong as the downtrend of 2018, during which the asset fell in price by almost 95%.

However, in this case, the trends will be very different from each other in terms of duration. Four years ago, the market downturn lasted 329 days, and under the current cryptozyme, ETH could fall 94% in 511 days.

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