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Like many digital assets, Ethereum saw a correction this week with a loss of more than 5% in the last 24 hours while trading above $2,500. While increased on-chain activity could eventually lead bulls to bet on Ether’s comeback, several experts disagree with this view.
Veteran Crypto analyst Peter Brandt predicts the continued decline of Ether to the point of losing more than 60% from its current price, with no sign of change.
Currently, Ether is trading at a 42-month low. Although Bitcoin retested the $70k mark earlier this week, Ether maintains sluggish price action and is far from the experts’ target of $4k.
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Ether’s Strong Bearish Movement
Ethereum is trading at a 42-month low against the world’s top digital assets, indicating bearish momentum. Moving back on the price chart, Ethereum is in a downward spiral and a painful market correction for owners and investors.
According to Brandt, Ethereum’s bearish sentiment will continue without any convincing signs of a reversal.
It is interesting to note that there was no buy signal $ETH
In fact, the chart remains bearish with an unreachable target at 1551 pic.twitter.com/sjkXyTQXU2— Peter Brandt (@PeterLBrandt) October 31, 2024
In a Twitter/X post, Brandt shared a graph of nothing but the Ether signal. He added that the Ethereum chart is bearish, with bulls making it difficult to hit the $1,551 target.
The 1-day chart highlights the ongoing bearish momentum of the stock that started last August, which is characterized by a descending channel. Ethereum’s bearish flag is bad news for traders and managers, suggesting a further decline.
Analyst Sees Bearish Metrics for Ethereum
Aside from the bearish signals on the graph, Brandt also noted a few disappointing metrics for Ethereum. For example, Ether fell more than 5% in the last 24 hours, recording 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. While Ethereum is currently valued at $2,507, Brandt sees the asset falling even further to $1,551, representing a roughly 62% drop from its current price.
$1,551 As Ethereum’s Unmet Target
Brandt sees $1,551 as an unreached target for the stock and an important milestone. In his analysis, this level serves as a management point. The recent price drop has affected the confidence of investors and owners, with Ethereum struggling to support the $2,400 support.
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As the second largest crypto, Ethereum has shown the first signs of a rally. Many observers predicted a market rally, targeting a long-term price of $6,000. Interim estimates put the price of Ethereum at $2,750.
However, Brandt offers a bearish view of Ethereum, saying that the asset will decline unless a new set of technical indicators emerges.
Featured image from Tokpie, chart from TradingView