Veteran trader Peter Brandt insists that Ethereum’s downward momentum remains intact as bearish signals continue to dominate the chart.
Ethereum has been one of the biggest losers in the ongoing market correction. For reference, the second-largest cryptocurrency by market cap 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 numbers, analysts are still keen for Ethereum to see higher prices, with some forecasting a rally to $6,000 and a short-term move to $2,750 among known market speculators. However, veteran analyst Peter Brandt insists that Ethereum’s underlying bearish momentum has not changed.
Bearish Momentum Dominates Ethereum
In a tweet on October 31, Brandt argued that Ethereum remains bearish. He insisted that there was no sign of a change in momentum in the asset’s price pattern.
Additionally, the market veteran shares an Ethereum 1D chart to support his bearish claims. According to him, Ethereum is not giving any buy signals or forming patterns to support the change in momentum.
Brandt’s chart shows a bear flag that has been forming since August. The analyst noted that a break in the structure could push Ethereum toward what he called an “unmet target.”
Brandt Sets Price Target for Ethereum’s Coming Capitulation
According to the analysis, Brandt believes that Ethereum’s bearish momentum will lead the asset to an unreached target of $1,551. Notably, the market veteran expects the altcoin king to break below the support zone around $2,400 and capitulate to levels last seen in October 2023.
Meanwhile, a downtrend to $1,551 would entail a capitulation of 62% from the current market price. Ethereum is trading at $2,507 at the time of writing.
Analyst Kotter agrees with Brandt’s predictions. In X’s analysis, the market speculator shares that Ethereum will continue to lag Bitcoin, with the ETH/BTC chart targeting the area 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 press time, the ETH/BTC chart is at 0.03613.
