Crypto analyst Nicholas Merten names “signs of weakness” of BTC and ETH

The expert noted that there is no recovery of cryptocurrencies so far

15.08.2022 - 15:45

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2 min

What’s new? Crypto analyst and trader Nicholas Merten noted that bitcoin and Ethereum are showing signs of weakness, despite significant growth in value in recent weeks. According to Binance, BTC gained 15,99% in the last 30 days, ETH increased 55,05%, and crypto market capitalization rose 26,98% from $0,96 trillion to $1,219 trillion. According to Merten, the recent fact that crypto assets have outperformed the stock market may be a hint that bitcoin doesn't have much power left to continue its rally.

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What else does Merten say? The crypto analyst noted that cryptocurrencies were weak compared to the stock market, and also highlighted the fact that the latter recovered by 30%. According to Merten, if cryptocurrencies sell off faster than stocks during a downtrend, they should have recovered faster. But the trader noted that there is no such recovery right now.

Merten said that ETH is also showing disappointing results and has so far shown no signs that the bear market is close to ending. He added:

“Ethereum has been leading the way. The ETH to BTC ratio has continued to garner strength. Take a look here at Ethereum, still only really up about $240 over the past month. I know that that’s still a gain, a nice turn to the upside, a little over 10%. It’s not bad, but it’s also not phenomenal.”

In December 2021, the trader said that altcoins from the metaverse sector would lead the digital asset markets in terms of investment prospects in 2022. He recommended looking at the Metaverse Index (MVI), one of the few indices that outperforms Ethereum in terms of returns.

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