Popular cryptocurrency analyst Nicholas Merten warned about the upcoming fall of the Ethereum (ETH) exchange rate to $ 300.

Our target on the Ethereum chart is around $300 to $500. I don't think the price will stay at the bottom for long.

The value of the coin will fall due to a large skeleton in the closet, which represents the possible liquidation of digital assets worth over $ 1.5 billion in a decentralized financial ecosystem," Merten said.

According to Nicholas, the downward movement will noticeably accelerate after the ETH rate drops below $ 750. In this case, DeFi users will actively get rid of their coins and cause a chain reaction.

He believes that due to the mass sale of coins, the value of ETH will collapse to $ 300 by the end of March or early April 2023.

If Merten's forecast of a decrease in the value of Ethereum to $ 300 comes true, then the bearish trend that started at the end of 2021 will not yield in strength to the downward trend of 2018, during which the asset fell in price by almost 95%.

However, in this case, the trends will differ greatly from each other in duration. Four years ago, the decline in the market lasted 329 days, and within the current crypto-winter, ETH can fall by 94% in 511 days.