Ether Price At Risk Of A Deeper Correction To $1,550, Chart Veteran Warns
The price of Ether (ETH) soared to a local high of $2,719 on October 30, marking its highest level in nearly 14 days. However, a strong rejection on Oct. 31 saw the second-largest crypto in the world tumbling to as low as $2,470 earlier today.
Amid the waning price momentum, traders are pondering whether ETH is primed to retake the $3,000 price tag or see more pain. One widely-followed trader believes the crypto is set to touch new lows near $1,550.
38% Ethereum Sell-Off Brewing
The crypto markets fell sharply yesterday, denying a bullish breakout that looked primed to test its recent March highs.
Ethers move down came as traders exited the markets in quick succession amid declining crypto prices across the board. According to legendary trader Peter Brandt, ETH still looks bearish. In an Oct. 31 post on X, Brandt said Ethereum had not received a buy signal.
The classical chartist categorizes Ethereums price movement into two main ranges in an accompanying chart. Brandt bases his bearish sentiment on the fact that Ether has been unable to blast out of this range, with the price capped below the $2,800 resistance zone.
Is $1,551 ETH Imminent?
Notably, the Ether price has struggled to find strong bullish momentum in recent months, with the altcoin witnessing a measly 1% growth in October compared to Bitcoins 13% gain.
Fundamentally, the tepid market response to U.S.-listed spot ETH exchange-traded funds is also adding bearish pressure on the Ether price, with the ether ETFs attracting a mere $4.4 million in investor cash on Oct. 30, compared to BTC ETFs eye-popping $893 million single-day inflows.
Even worse, Grayscales ETHE, a closed-end ether Trust before its conversion into an exchange-traded fund in July, has endured huge redemptions, and weak demand for other ether ETFs has failed to offset them.
Whether Ethers recent bout of underperformance continues is anyones guess. Nonetheless, Brandt foresees a trip to $1,551 lows in the foreseeable future.
Read more: https://zycrypto.com/ether-price-at-risk-of-a-deeper-correction-to-1550-chart-veteran-warns/
Text source: ZyCrypto
