• Crypto analyst Nicholas Merten says Bitcoin (BTC) and Ethereum (ETH) are set to tumble further.
• Ethereum may be on the verge of breaking support and heading below the $1,000 level.
• The prevailing sentiment seems to reflect a music-stop moment, even among those who believed in a new bull market narrative.

Things Are About to Get Worse for Bitcoin and Ethereum

Crypto analyst Nicholas Mertens tells his subscribers that Bitcoin (BTC) and Ethereum (ETH) bulls haven’t come through, and therefore the markets are set to tumble further. There are warning signs indicating Ethereum’s potential collapse in the next few weeks, with its ascending support line at risk.

Market Buyers Versus Market Sellers

Merten says there are simply many more Ethereum sellers than buyers at the moment, and that no amount of bullish tokenomic factors can address it. According to the analyst, ETH may be on the verge of breaking support and heading below the $1,000 level. This might lead to breaking through the current price range and descending back to previous support or even further down towards capitulation territory in the hundreds of dollars for Ethereum.

Warning Signs for ETH Price

The point of distribution and supply hitting the market was at $2000, and if buyers do not appear now, then this year-long bullish pattern in progress could lose its confirmation. Despite factors like staking and deflationary mechanisms, it all comes down to market buyers versus market sellers. This discrepancy in liquidity drives price trends, whether it is upward or downward.

Bearish Sentiment Among Bulls

The prevailing sentiment seems to reflect a music-stop moment even among those who believed in a new bull market narrative because fundamentals are facing notable shortcomings as well as an abundance of sellers over buyers leading prices into capitulation territory .

Current Prices

BTC is worth $25,837 at time of writing ,down 11 .4 % in last week . ETH is down 10 . 2 % over same period , currently trading for $ 1 , 636 .