Veteran Trader Peter Brandt Forecasts Potential Drop in Ethereum Price to $1550

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been struggling under bearish pressure, unable to maintain its position above the $2,600 mark for an extended period. Amidst a widespread downturn in the crypto market, Ethereum’s value has taken a further hit, dropping by 5.5% to trade at a level of $2,509, with a total market capitalization of $302 billion. Experienced trader Peter Brandt foresees a potential plummet in Ethereum’s price, possibly reaching as low as $1,550, citing a lack of interest in purchasing the digital asset.

Trader Peter Brandt Anticipates a Possible Ethereum Drop to $1,550

Seasoned trader Peter Brandt points to the discouraging indicators for Ethereum (ETH) buying, as the technical chart patterns signal a persistently bearish trend. In Brandt’s assessment, there remains an open downside target for Ethereum at $1,551, warranting caution for investors following the latest trends in the cryptocurrency market.

Ethereum’s price trajectory has been one of lower highs and lower lows, forming a descending channel. Prominent crypto expert Michael van de Poppe suggests that if ETH maintains its downward trend, it may face an additional decline of 10-20% from its current position.

Conversely, van de Poppe also believes that conditions may be aligning for a potential turnaround, not only regarding ETH but for U.S. Treasury yields as well. He emphasizes the significance of the forthcoming U.S. unemployment statistics as a determinant of the broader market’s direction.

As ETH Nears Key Demand Area, What’s Next?

Crypto analyst Mammon identifies a crucial demand zone Ethereum is nearing, with optimistic prospects that bulls may establish a higher low formation to uphold the current uptrend. Mammon advises investors to exercise caution; a close below $2,460 could pose a risk, considering the liquidity gathered beneath the mid-range threshold.

Should Ethereum manage to secure a higher low within this support range and retest the volume area high (VAH), a significant breakout could be on the horizon, according to Mammon’s analysis. If this resistance level is overtaken, it could be a precursor to a substantial price surge.

Moreover, there has been renewed interest in spot Ethereum Exchange-Traded Funds (ETFs), as evidenced by increased inflows. In the span of the last three days, there have been net gains in such funds. On Thursday, October 31, the BlackRock Ethereum ETF (ETHA) reported inflows amounting to $50 million, according to Farside Investors’ data. On the other hand, the Grayscale Ethereum ETF (ETHE) faced outflows totaling $36.6 million, thereby summing up the total inflows to $13 million.

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Bhushan Akolkar

A FinTech aficionado, Bhushan has a strong grasp of the financial markets. Deeply intrigued by Blockchain technology and the cryptocurrency space, Bhushan is passionate about imparting knowledge and contemplates new learning as a driver of personal growth. Mystery thrillers keep him engaged during leisure time, and he doesn’t shy away from experimenting with different culinary tastes.

Disclaimer: Content presented reflects the personal viewpoint of the author and is subject to market conditions. Prior to making any investment in cryptocurrencies, comprehensive market analysis is advisable. The author or the publication assumes no liability for personal financial losses resulting from investment decisions.