The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Analyst Nicholas Merten Warns of Altcoin Cleansing, Says Ethereum (ETH) Facing Another Leg Down

by Daily Hodl Staff
January 4, 2023
in Ethereum

A popular analyst is warning Ethereum (ETH) is facing another leg down while many other altcoins will lose a ton of their valuation.

In a new YouTube strategy session, crypto strategist Nicholas Merten tells his 512,000 subscribers that Ethereum is on a downtrend with the 200-week moving average continuing to act as resistance.

“Even though if we take a look at the ETH-to-BTC ratio, Ethereum has been holding up relatively neutral with where it’s been since May of 2021 against Bitcoin, it is still on a downtrend… We believe this chart is going to start declining very soon. 

Ethereum is tracking well below its 200-day moving averages as well as its 200-week moving average. We have been tracking below this range since during the collapse of FTX back in November 2022. And ever since then, we’re repeating the same pattern we had back in June, where the 200-week moving average is starting to serve as resistance.”

He warns a relief rally is not sustainable unless Ethereum gets above the 200-week moving average and trades at 15% or 30% of its current value, between the price levels of about $1,470 and $1,668. At time of writing Ethereum is changing hands at $1,253.

“I want to make the case here today that any kind of relief rally or move up that we get up towards that range is not to be trifled with. I think it’s going to serve as resistance, not to mention because the 200-days are coming very close in that range, until we can get above that range make these indicators support, which to me would definitely be interesting, I remain bearish.”

Merten warns that other altcoins may collapse under the current market conditions, saying they are overvalued.

“When we talk about the altcoin reckoning, we’re talking about the broader crypto space where there’s a lot of false valuation and a lot of false hopes that a lot of these names are still going to be here in the next year or two…

If you’ve been here like I have been since 2016, 2017 actively investing and trading in crypto, you’ve been through a market cycle or two and you probably remember that a lot of the great altcoins that made up the leaderboard of the top-valued cryptos are no longer here. They are relics of the past. Lessons learned or lessons still not learned by a lot of investors. Unfortunately, a lot of the altcoins that are here today are not going to be here.”

I

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Submit a Press Release

Industry Announcements

  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
  • Addressable Raises $7.5 Million To Enable Web 3.0 Companies To Acquire Users at Scale
    January 31, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,456.28
$23,456.28
0.7%
Ethereum
$1,682.15
$1,682.15
0.74%
Cardano
$0.40497
$0.40497
0.49%
XRP
$0.415356
$0.415356
1.45%
Dogecoin
$0.098673
$0.098673
6.45%

Spotlight

  • Institutions Pour Capital Into Bitcoin (BTC) at Highest Rate Since July of Last Year: CoinShares
    January 30, 2023
  • Ethereum-Based Decentralized Exchange Token Explodes 50% As Project Releases Yearly Report
    February 2, 2023
  • Trader Who Accurately Predicted 2023 Bitcoin Burst Updates Forecast on BTC and Ethereum
    January 28, 2023
  • Ripple Working With Central Bank of Montenegro on New Digital Currency Pilot Program, According to Prime Minister
    January 31, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl