Like most digital assets, Ethereum witnessed a correction this week by losing over 5% in the last 24 hours while trading just above $2,500. While the increased on-chain activity could eventually make the bulls bet for the bounce back of Ether, a few experts differ with this perspective.
Crypto veteran analyst Peter Brandt predicts further downfall in Ether to the extent of loss of over 60% from its present price, with no indication of changing.
Currently, Ether is trading at a 42-month low. While Bitcoin re-tested the $70k mark early this week, Ether maintains a sluggish price action and is too far off from the experts’ target of $4k.
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Ether’s Strong Bearish Movement
Ethereum trades at its 42-month low against the world’s top digital asset, which suggests a bearish momentum. Zooming out of the price chart, Ethereum is on a downward spiral and a painful market correction for holders and investors.
According to Brandt, Ethereum’s bearish sentiment will continue with no reassuring signs of reversal.
Interesting to note that there was not a buy signal in $ETH
In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2— Peter Brandt (@PeterLBrandt) October 31, 2024
In a Twitter/X post, Brandt shared a graph saying there’s no but signal for Ether. He added that Ethereum’s chart is bearish, with the bulls making it difficult to hit the $1,551 target.
The 1-day-chart highlights the asset’s continued bearish moment momentum that started last August, characterized by a descending channel. Ethereum’s bearish flag is terrible news for traders and holders, suggesting a continued downtrend.
Analyst Sees Bearish Metrics For Ethereum
Aside from the bearish signals on the graph, Brandt also noted a few discouraging metrics for Ethereum. For example, Ether has dropped by over 5% over the last 24 hours, registering a sharper decline than Solana, at -4.91%, and Bitcoin, at -3.87%.
Also, Brandt noted that the ETH/BTC trading ratio dipped to 0.03613, a 42-month low, as BTC continues to lead the broader crypto market. Although Ethereum is currently priced at $2,507, Brandt sees the asset dipping even further to $1,551, reflecting a possible 62% decline from its current value.
$1,551 As Ethereum’s Unmet Target
Brandt sees $1,551 as the asset’s unmet target and a…
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