Experienced trader #Peterbrandt insists that Ethereum's downward momentum remains as bearish signals continue to dominate the chart.
Ethereum has suffered some of the biggest losses in the ongoing market correction. For reference, the second largest cryptocurrency by market capitalization has depreciated by 5.30% in the last 24 hours, while Bitcoin and Solana have fallen by 3.87% and 4.91% respectively.
Despite the bearish performance, analysts are still keen for Ethereum to see higher prices and are predicting a rise to $6,000 and a short-term rise to $2750 among prominent market speculators. However, seasoned analyst Peter Brandt insists that Ethereum's prevailing bearish momentum has not changed.
Bearish momentum is dominating Ethereum
In his Oct. 31 tweet, Brandt argued that Ethereum remains #BEARISH📉 . He insisted that there were no signs of a momentum change in the asset's price pattern.
Furthermore, the market veteran shares a chart of Ethereum 1D to support his bearish claims. According to him, Ethereum is not showing any buy signals or emerging patterns to support a change in momentum.
Brandt's chart shows a bearish flag that has been forming since August. The analyst noted that a breakdown in the structure could push Ethereum to what he called an “underperforming target.”
Brandt sets a price target for Ethereum's impending capitulation
According to the analysis, Brandt believes that Ethereum's bearish momentum will push the asset to an unachieved target of $1551. Notably, the market veteran expects the altcoin king to break below the support zone around $2400 and capitulate to levels last seen in October 2023.
Meanwhile, a downtrend to $1551 would entail a capitulation of 62% of the current market price. Ethereum is trading at $2507 at the time of writing.
Analyst Kotter agrees with Brandt's predictions. In Analysis X, the market speculator shares that Ethereum will continue to lag behind Bitcoin, with the $ETH
/BTC chart targeting a zone around 0.02653.
Ethereum is currently trading at a more than 42-month low against Bitcoin as the latter has significantly outperformed the former. At the time of publication, the ETH/BTC chart is at 0.03613.
