Ethereum Faces Grim 62% Plunge According to Veteran Analyst Brandt
- Veteran analyst Peter Brandt highlights no clear reversal signal, pointing to a continued downtrend.
- Brandts price target suggests a potential 62% decline from Ethereums current levels.
- Ethereum trades at a 42-month low against Bitcoin, suggesting prolonged underperformance.
Ethereum (ETH), the second-largest cryptocurrency, continues its downward spiral in whats been a relentless market correction. Veteran trader Peter Brandt warns that ETHs bearish momentum remains strong, with no clear signs of reversal. In a recent analysis, Brandt emphasized the dominance of bearish signals on ETHs daily chart, suggesting the asset may face even deeper losses ahead.
Brandt, a seasoned analyst known for his accurate predictions, took to X (formerly Twitter) on October 31 to highlight Ethereums continuing bearish pattern. He shared a 1-day chart showcasing ETHs price movement since August, marked by a descending channel. This pattern, often labeled a bearish flag, suggests a likely continuation of the downtrend.
In his analysis, Brandt identified no buy signals or shift in momentum for Ethereum. His bearish stance contrasts with some speculators predicting an eventual rally. Yet, Brandt holds that the charts structure lacks evidence of a reversal and sees the potential for ETHs price to break below current support levels.
Recent metrics highlight the depth of Ethereums ongoing losses. Over the last 24 hours, ETH has dropped by 5.30%, a sharper decline than Bitcoins 3.87% and Solanas 4.91% decrease. The ETH/BTC trading ratio has now fallen to 0.03613, hitting a 42-month low as Bitcoin maintains a stronger performance. Currently priced at approximately $2,507, ETH could see further declines, with veteran analyst Peter Brandt projecting a drop to $1,551a potential 62% decrease from its current value.
Brandts Target Price for Ethereums Capitulation
Brandts target price for Ethereum sits at $1,551, which he describes as an unmet target. This level represents a key milestone in his analysis, signaling what he believes could be a final point of capitulation for the asset. ETHs recent losses have eroded confidence among investors, with support levels around $2,400 under threat.
For context, Ethereum had previously shown promise for a potential rally. Some analysts were predicting a price surge, with targets as high as $6,000 in the long term. In the short term, speculators suggested that ETH might see an uptick to $2,750. However, Brandts analysis challenges these optimistic forecasts, indicating that ETHs trajectory may remain bearish unless significant technical indicators suggest otherwise.
Other analysts support Brandts pessimistic outlook. Market analyst Kotter, in a separate post, noted that ETH is likely to underperform against Bitcoin, with the ETH/BTC pair targeting 0.02653. This further underscores the pressure Ethereum faces as Bitcoin maintains a dominant position.
Read more: https://www.tronweekly.com/ethereum-faces-grim-62-plunge-brandt/
Text source: TronWeekly
