Just like bitcoin, Ethereum has been correcting ever since it posted a high in June 2019. From last year’s high of $363.30, the number two cryptocurrency has lost over 62% of its value. Those losses are significantly magnified if you consider that Ethereum traded at $1,424.30 in January 2018. From the all-time high, ether has already shed over 90% of its value.
To some retail traders, the extreme losses would indicate that the bottom is on the horizon. However, one analyst believes that investors are likely due for more pain in the form of a persistent bear market.
Ethereum’s 2020 could start off on the wrong note. Analyst Crypto White Walker expects Ethereum to enter a period of depression. In the psychology of market cycles, depression is the stage where all hope for recouping losses are lost. This is the phase where many retail traders capitulate and never look back.