Market Shockwave Ahead? Ethereum Could Crash Over 60%, Analyst Says
02 Novembre 2024 - 11:30PM
NEWSBTC
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. Related Reading: Bitcoin
Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading?
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 key milestone. In his analysis,
this level serves as the holders’ point of capitulation. The recent
dips in price have affected investors’ and holders’ confidence,
with Ethereum struggling to sustain the $2,400 support. Related
Reading: Ethereum Claims Address Dominance With 43% Lead—Will It
Keep Rising? As the second biggest crypto, Ethereum has displayed
initial signs of a rally. Many observers have predicted a market
rally, targeting a long-term price of $6,000. Short-term estimates
put Ethereum’s price at $2,750. However, Brandt offers a more
bearish outlook for Ethereum, saying that the asset will go
downhill unless a new set of technical indicators emerges. Featured
image from Tokpie, chart from TradingView
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