Popular crypto analyst Nicholas Merten says that Ethereum (ETH) remains overvalued and he expects a steep price decline.
In a new video update, Merten tells his 512,000 YouTube subscribers that the current value of the smart contract platform Ethereum is heading downward according to the analysis of its weekly chart.
“As we’ve emphasized many times before, we think Ethereum is way overvalued at these levels. I love ETH on a fundamental level, but at the same time, at these valuations according to typical bear markets, this is way overvalued, and we need to understand that it’s likely that the worst is going to play out according to the macro sentiment right now.”
Source: Nicholas Merten
Looking at his chart, Merten appears to forecast Ethereum dropping