Experienced trader Peter Brandt maintains that Ethereum is still under the control of bearish momentum, as indicated by prevailing signals on the chart.
Ethereum has faced significant losses during the ongoing market correction. To put it into perspective, the second-largest cryptocurrency by market capitalization has dropped by 5.30% over the past 24 hours, while Bitcoin and Solana have decreased by 3.87% and 4.91% respectively.
Despite the bearish trend, analysts continue to hold optimistic views on Ethereum’s potential for higher prices. Some notable market speculators have predicted a surge to $6,000 and a short-term increase to $2,750. However, seasoned analyst Peter Brandt remains firm in his belief that Ethereum’s bearish momentum has not shifted.
In a tweet on October 31, Brandt emphasized that Ethereum is still bearish. He pointed out that there have been no indications of a change in the asset’s price pattern. Additionally, Brandt shared an Ethereum 1D chart to support his bearish stance, highlighting the absence of buy signals or patterns that could signal a momentum shift.
Brandt’s chart displays a bearish flag pattern that has been forming since August. He mentioned that a break in this structure could lead Ethereum towards a target he described as “unmet.”
Based on his analysis, Brandt anticipates that Ethereum’s bearish momentum will drive the asset towards an unmet target of $1,551. He expects Ethereum to break below the support zone around $2,400 and decline to levels last observed in October 2023, representing a 62% drop from the current market price of $2,507.
Another analyst, Kotter, concurs with Brandt’s predictions. In an X analysis, Kotter suggests that Ethereum will continue to lag behind Bitcoin, with the ETH/BTC chart targeting the zone around 0.02653. Ethereum is currently trading at a more than 42-month low against Bitcoin, with the ETH/BTC chart trending at 0.03613.
It is important to note that this content is purely informational and should not be construed as financial advice. The opinions expressed in this article are personal views and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.