Experienced trader Peter Brandt maintains that Ethereum’s downward trend persists, with bearish signals dominating the charts.
During the ongoing market correction, Ethereum has experienced significant losses. In the past 24 hours, the second-largest cryptocurrency by market capitalization has dropped by 5.30%, while Bitcoin and Solana have seen decreases of 3.87% and 4.91%, respectively.
Despite the bearish performance, some analysts are optimistic about Ethereum’s future price potential. Speculations from notable market experts suggest a possible surge to $6,000 and a short-term increase to $2,750. However, Peter Brandt, a seasoned analyst, remains steadfast in his belief that Ethereum’s bearish momentum remains unchanged.
In a recent tweet on October 31, Brandt emphasized that Ethereum continues to exhibit bearish traits. He highlighted that there have been no indications of a shift in the asset’s price pattern, providing a 1D chart to support his argument. According to Brandt, Ethereum is not showing any signs of a buy signal or a pattern that would indicate a change in momentum.
Brandt’s chart illustrates a bearish flag pattern that has been forming since August. He suggested that a break in this structure could lead Ethereum towards an “unmet target.”
Based on his analysis, Brandt predicts that Ethereum’s bearish momentum could drive the asset to reach an unmet target of $1,551. This would involve Ethereum breaking below the support zone around $2,400 and dropping to levels last seen in October 2023.
Analyst Kotter also agrees with Brandt’s projections, suggesting that Ethereum will continue to underperform against Bitcoin, with the ETH/BTC chart targeting the zone around 0.02653. Currently, Ethereum is trading at an over 42-month low against Bitcoin, with the ETH/BTC chart trending at 0.03613.
It is important to note that this information is for informational purposes only and should not be considered financial advice. The views expressed in this article are personal opinions 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.