Nicholas Merten, the host of DataDash, has warned his 512,000 YouTube subscribers that the altcoin market cap could soon bleed out a whopping $60 billion. Merten believes that the altcoin market is in a bearish pattern after recent bounces failed to print higher highs, indicating that the downtrend is intact. He also believes that Ethereum (ETH) has failed to break above the $2,000 level despite key bullish developments in its ecosystem. Ethereum is currently trading for $1,627, down 1.1% in the last 24 hours.Merten also says he will likely short Bitcoin (BTC) given the current market conditions. He believes that Bitcoin’s price is soon likely to fall below the 200-week exponential moving average (EMA), which would indicate bearishness. Bitcoin is currently trading for $25,785, down 0.8% in the last 24 hours.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	Ethereum, Bitcoin, Nicholas Merten
Companies	Ethereum Improvement Proposal (EIP), DataDash, Exponential Moving Average (EMA), Ethereum, Bitcoin
Currencies	Ethereum, Bitcoin
Securities	None