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Ethereum, like many digital assets, has experienced a significant correction recently. Over the past 24 hours, the cryptocurrency lost more than 5% of its value, currently trading just above $2,500. Despite increased on-chain activity that might encourage bulls to anticipate a rebound, some experts hold a more pessimistic view.
Bearish Predictions for Ethereum
Renowned crypto analyst Peter Brandt forecasts a grim outlook for Ethereum, predicting a potential fall exceeding 60% from its current price, with no immediate signs of reversal. Currently, Ethereum is trading at a 42-month low. Although Bitcoin briefly revisited the $70,000 mark earlier this week, Ethereum’s sluggish price action remains far from the experts’ target of $4,000.
Ether’s Strong Bearish Movement
Ethereum’s trading at its 42-month low against Bitcoin indicates a sustained bearish momentum. A broader view of the price chart reveals Ethereum in a downward trajectory, presenting a challenging market correction for investors. Brandt suggests that Ethereum’s bearish trend will persist without any significant signs of a turnaround.
In a Twitter/X post, Brandt highlighted the continued bearish sentiment, noting that there is no buy signal for Ether, and the chart remains bearish with an unmet target of $1,551. The 1-day chart outlines Ethereum’s bearish momentum since last August, marked by a descending channel. This bearish flag is troubling for traders and holders, indicating a prolonged downturn.
Analyst Sees Bearish Metrics For Ethereum
Beyond the bearish signals on the chart, Brandt identified several discouraging metrics for Ethereum. For instance, Ether has decreased by over 5% in the last 24 hours, exhibiting a steeper decline than Solana at -4.91% and Bitcoin at -3.87%. Additionally, the ETH/BTC trading ratio has dropped to 0.03613, a 42-month low, as Bitcoin continues to dominate the broader crypto market. Although Ethereum is currently valued at $2,507, Brandt anticipates a further decline to $1,551, pointing to a possible 62% drop from its current value.
$1,551 As Ethereum’s Unmet Target
Brandt identifies $1,551 as a crucial unmet target and a significant milestone for Ethereum. This level represents a potential capitulation point for holders. Recent price dips have undermined investor and holder confidence, with Ethereum struggling to maintain the $2,400 support.
Potential for a Market Rally?
As the second-largest cryptocurrency, Ethereum has shown initial signs of a potential rally. Some analysts have predicted a market resurgence, aiming for a long-term price of $6,000. Short-term predictions suggest Ethereum’s price could reach $2,750. Despite these optimistic projections, Brandt maintains a bearish outlook, cautioning that Ethereum may continue its downward trend unless new technical indicators suggest otherwise.
