Crypto analyst Nicholas Merten says that Ethereum (ETH) is not entering a bear market despite being in a downtrend for nearly nine weeks.
In a new video, the host of DataDash tells his 492,000 YouTube subscribers that bearish sentiment centered around the leading smart contract platform is misplaced.
According to him, Ethereum’s technicals suggest ETH is only in a mid-cycle correction of an extended bull market.
“Right now what we’re seeing is probably another mid-cycle correction, just like the even heavier one we had back in May of 2021 – [a] 60% correction in 13 days. That wasn’t the bear market [and that correction] was much worse than the new correction we’re going through right now.”
Merten then says that Ethereum’s tokenomics structure which consistently