Analyst Nicholas Merten Reveals Ethereum Price Target, Says ETH Has Major ‘Skeletons in Closet’ A popular analyst is issuing a dire warning to Ethereum (ETH) holders, saying that an epic collapse could be coming for the second-largest crypto by market cap. In a new video, crypto strategist Nicholas Merten tells his 511,000 YouTube subscribers that Ethereum has major skeletons in the closet that could see ETH lose as much as 75% of its value from its current price of $1,220. “Our target range for Ethereum is somewhere around $300 to $500. I don’t think it’s going to live there for long, but it has to do with the fact that right now, there is a big skeleton closet that is over $1.5 billion of cumulative liquidations that can potentially happen in the DeFi [decentralized finance] ecosystem for Ethereum.” Merten shares a chart illustrating the liquidation levels of DeFi protocols in Ethereum. According to the crypto strategist, these protocols will trigger a massive sell-off event if ETH plunges to a certain level. “If we start to get towards around $750 to $550, you’re going to start getting a cascading effect of sell-side pressure in the Ethereum market… If you want to look at it in terms of ETH, we’re talking about a million plus ETH that is at risk of leading us down and causing that additional sell-side pressure to quickly get from $750 and $550 for ETH’s price down to $300.” Full Article: <a rel="noreferrer nofollow noopener" href="https://dailyhodl.com/2022/12/24/analyst-nicholas-merten-reveals-ethereum-price-target-says-eth-has-major-skeletons-in-closet/" target="_blank">https://dailyhodl.com/2022/12/24/analyst-nicholas-merten-reveals-ethereum-price-target-says-eth-has-major-skeletons-in-closet/</a>