Ethereum Price Can Crash to $1550 Predicts Veteran Trader Peter Brandt
The post Ethereum Price Can Crash to $1550 Predicts Veteran Trader Peter Brandt appeared on BitcoinEthereumNews.com.
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 Veteran trader Peter Brandt noted the absence of a buy signal for Ethereum (ETH), emphasizing that the chart structure remains bearish. According to Brandt, ETH still has an unmet downside target of $1,551, reinforcing a cautious outlook for the altcoin amid recent crypto market movements. Courtesy: Peter Brandt The Ethereum price has been forming a downward trending channel of lower highs and lower lows. Popular crypto analyst Michael van de Poppe suggested that if ETH continues with its current downward momentum, the asset could see an additional 10-20% decline from here. Courtesy: Van de Poppe On the other hand, van de Poppoe also believes that the market conditions are nearing a potential reversal, both for U.S. Treasury yields and for ETH itself. He pointed out that tomorrow’s U.S. unemployment data will be pivotal, potentially influencing broader market direction. ETH Approaches The Demand Zone, What Happens Next? Popular crypto analyst Mammon highlighted that the Ethereum price is approaching a critical demand zone with bulls looking to form a higher low formation and support the ongoing bull trend. Mammon cautioned that a close below approximately $2,460 could signal risk, given the liquidity accumulation below the mid-range level. Courtesy: Mammon On the other hand, if Ethereum successfully forms a higher low within this support zone and retests the volume area high (VAH), Mammon sees…
Filed under: News - @ November 1, 2024 7:18 am