As a seasoned researcher with over two decades of market analysis under my belt, I have witnessed numerous bull and bear markets across various asset classes. The current Ethereum (ETH) situation presents a classic case of a downtrend, reminiscent of some of the corrections I’ve seen in the past.
The world’s largest altcoin Ethereum (ETH) continues to remain in the bear grip while failing to sustain above $2,600 for a long time. Amid the broader crypto market correction, the Ethereum price has slipped another 5.5% and is currently trading at $2,509 levels with a market cap of $302 billion. Veteran trader Peter Brandt predicts an ETH crash all the way to $1,550 amid low buying interest for the altcoin.
Ethereum Price Can Crash to $1,550, Says Peter Brandt
Experienced trader Peter Brandt highlights that there’s currently no buy indicator for Ethereum (ETH), suggesting that its chart pattern remains negative. As per Brandt’s analysis, Ethereum still has an unfilled potential to drop to $1,551, which underscores a prudent approach towards the altcoin given the recent fluctuations in the crypto market.
According to well-known cryptocurrency analyst Michael van de Poppe, if Ethereum’s current bearish trend persists, there is a possibility of an extra drop by 10-20% in its price. This downtrend appears to be characterized by successively lower peaks (higher highs) and troughs (lower lows).
On a different note, van de Poppoe shares the view that the conditions in the U.S. Treasury market and ETH could be about to change direction. He emphasized that the upcoming U.S. unemployment statistics, to be released tomorrow, hold significant weight and may significantly impact the broader market trends.
ETH Approaches The Demand Zone, What Happens Next?
According to well-known crypto expert Mammon, Ethereum’s price is nearing a significant area where potential buyers might step in, aiming to create a new lower high and uphold the current bullish market. However, Mammon advises that if the price closes below around $2,460, it could indicate potential danger due to the buildup of liquidity at the mid-range level.
From my perspective as an analyst, if Ethereum manages to establish a higher low within its current support zone and retests the Volume Area High (VAH), I see a promising opportunity for a breakout. Recapturing this level could pave the way for a substantial price surge, based on my analysis. Some market analysts are even suggesting potential Ether prices reaching $18,000.
It’s worth noting that the investments into exchange-traded funds focusing on Ethereum have been growing again. Over the past three days, these Ethereum ETFs have recorded overall positive investments. Specifically, on October 31, the BlackRock Ethereum ETF (ETHA) attracted $50 million, according to Farside Investors’ data. On the other hand, Grayscale Ethereum ETF (ETHE) experienced outflows amounting to $36.6 million, resulting in a total inflow of approximately $13 million.
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2024-11-01 10:12