2024-11-02 22:30:52 by NewsBTC

Like most digital assets, Ethereum witnessed a correction this week by losing over 5% in the last 24 hours while trading just above $2,500. While the increased on-chain activity could eventually make the bulls bet for the bounce back of Ether, a few experts differ with this perspective. Crypto veteran analyst Peter Brandt predicts further downfall in Ether to the extent of loss of over 60% from its present price, with no indication of changing. Currently, Ether is trading at a 42-month low. While Bitcoin re-tested the $70k mark early this week, Ether maintains a sluggish price action and is too far off from the experts’ target of $4k. Ether’s Strong Bearish Movement Ethereum trades at its 42-month low against the world’s top digital asset, which suggests a bearish momentum. Zooming out of the price chart, Ethereum is on a downward spiral and a painful market correction for holders and investors. According to Brandt, Ethereum’s bearish sentiment will continue with no reassuring signs of reversal. 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 In a Twitter/X post, Brandt shared a graph saying there’s no but signal for Ether. He added that Ethereum’s chart is bearish, with the bulls making it difficult to hit the $1,551 target. The 1-day-chart highlights the asset’s continued bearish moment momentum that started last August, characterized by a descending channel. Ethereum’s bearish flag is terrible news for traders and holders, suggesting a continued downtrend. ETH is currently trading at $2,500. Chart: TradingViewAnalyst Sees Bearish Metrics For Ethereum Aside from the bearish signals on the graph, Brandt also noted a few discouraging metrics for Ethereum. For example, Ether has dropped by over 5% over the last 24 hours, registering a sharper decline than Solana, at -4.91%, and Bitcoin, at -3.87%. Also, Brandt noted that the ETH/BTC trading ratio dipped to 0.03613, a 42-month low, as BTC continues to lead the broader crypto market. Although Ethereum is currently priced at $2,507, Brandt sees the asset dipping even further to $1,551, reflecting a possible 62% decline from its current value. $1,551 As Ethereum’s Unmet Target Brandt sees $1,551 as the asset’s unmet target and a key milestone. In his analysis, this level serves as the holders’ point of capitulation. The recent dips in price have affected investors’ and holders’ confidence, with Ethereum struggling to sustain the $2,400 support. As the second biggest crypto, Ethereum has displayed initial signs of a rally. Many observers have predicted a market rally, targeting a long-term price of $6,000. Short-term estimates put Ethereum’s price at $2,750. However, Brandt offers a more bearish outlook for Ethereum, saying that the asset will go downhill unless a new set of technical indicators emerges. Featured image from Tokpie, chart from TradingView Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.