A top crypto analyst is warning of potential danger for the Ethereum (ETH) and altcoin markets.<\/p>\n
In a new DataDash YouTube video, Nicholas Merten\u00a0tells<\/a> his 511,000 subscribers that there is still market confidence in Ethereum\u2019s Bitcoin<\/a> pair (ETH\/BTC) despite recent drawbacks.<\/p>\n \u201cWe have seen here that\u2026 we\u2019re having another drawdown here in ETH\u2019s price. But, so far, we have continued to maintain the trend we started back here in June of higher lows in price and generally still testing either at the similar range or higher ranges.\u00a0<\/em><\/p>\n This is indicative of confidence in the market. Now that being realized, we have had a pretty solid correction [since September 2021]. It\u2019s coming to a very fragile point, where\u2026 if we break below this range that we have on the chart, which is somewhere around the worst-case scenarios, 0.06 on the ETH\/BTC ratios, we\u2019re currently in 0.066 \u2013 if we get about another 10% decline against that ratio, this could be a tell-tale sign that the market is ready for a longer drawdown.\u201d<\/em><\/p>\n Merten goes on to explain that while he\u2019s a big believer in crypto disrupting the financial markets over the next decade, that doesn\u2019t mean Ethereum\u2019s price won\u2019t stumble before realizing potential new highs.<\/p>\n \u201cIf we do really get a decline below [the 0.06 ETH\/BTC] range, that can be a really big warning sign for prices.\u00a0<\/em><\/p>\n It not only breaks this line of confidence, which we\u2019d really like to see be held here but on top of that, it\u2019s not able to find these potential lower support ranges where you have a little bit more leeway for corrections and price.\u201d<\/em><\/p>\n![\"\"](\"https:\/\/i0.wp.com\/dailyhodl.com\/wp-content\/uploads\/2022\/03\/merten3.7.png?resize=1360%2C706&ssl=1\")