Ethereum (ETH) may not have reached the bottom of its bear market yet. Nicholas Merten, the DataDash channel host, said that after the upgrade, the price of ETH might fall by more than 90% from its all-time high.Coinglass, a data analytics website, reported that on March 2nd, the closing of long positions in the cryptocurrency futures market reached a peak in the last 30 days, totaling over $210 million.
“The ethereum to US dollar exchange rate still has a ways to go in the long run. We are presently just 67% down from the [highs], and we only dropped around 82%. Still, if we are doing anything like the usual bear market, it is crucial to appreciate just how much of a difference there is between 82% down from all-time highs and 90% down.”YouTube analyst Nicholas MertenAccording to a Coinglass analyst, the gap between the current price of Ethereum and its all-time high of $1,600 to $1,800 is a cause for concern. The analyst believes that if Ethereum experiences a decline similar to previous bear markets, which saw a drop of 92% to 94%, the price of ETH could fall to just a few hundred dollars.
The analyst also notes that Ethereum has been unable to break above the $1,600 to $1,800 barrier for several months now and its current price is 67% lower than its all-time high, indicating that it still has a ways to go before hitting rock bottom.
This price drop caused a noticeable increase in the number of liquidations. The exodus of substantial clients from the cryptocurrency bank has prompted doubts about its sustainability.
Recently, the departure of several major clients from Silvergate Bank has raised concerns about its future and led to a decrease in the value of key cryptocurrencies over the weekend.