While Bitcoin (BTC) and altcoins shook the market once again with the decline experienced yesterday, the largest altcoin Ethereum (ETH) could not manage to stay above $ 2,600 for a long time and continues to remain in bear dominance.
While the Ethereum price has experienced a 5% drop in the last 24 hours, veteran trader Peter Brandt with 50 years of experience made a negative change as a warning for the ETH price.
The analyst explained that despite the rise in prices in recent weeks, there is no buy signal in Ethereum, and ETH still appears to be in a downtrend.
Brandt, who warned about the ETH price from the X account, said that the chart structure was in a downward trend, drawing attention to the absence of a buy signal for Ethereum.
Stating that ETH still has an unmet downside target of $1,551, Brandt stated that investors should take a cautious approach towards Ethereum amid recent crypto market movements.
“It is interesting that there is no buy signal on ETH.
In fact, the chart remains in a bearish trend with an unmet target at $1551.”
If the analyst’s prediction comes true, it means the ETH price could potentially crash by 38% from current levels.
Interesting to note that there was not a buy signal in $ETH
In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2— Peter Brandt (@PeterLBrandt) October 31, 2024
*This is not investment advice.
Mudaki