Of course they can and they will, for those who believed that after BTC hitting 69k and ETH 4.9k the bottom of both would be close to previous Highs, this is slap break their bubble dreams.
I don't know how low they might get, but it wouldn't surprise for me if they go to a range 10-12k for btc and 400-600 for Eth.
Merge slap!!!
No lower that 23k slap!!
61% loses for both yearly...