- November 1, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Ethereum (ETH) Price To Crash As Veteran Trader Set Downside Target of $1,551 appeared first on Coinpedia Fintech News
Ethereum’s price has been struggling to gain upward momentum for months, as it experienced a dip to around $ 2,500. Meanwhile, Veteran crypto trader Peter Brandt now warns of an even steeper decline, predicting a potential drop to $1,550 amid continued weak buying interest. This prediction is based on Ethereum’s 4-hour chart, which hints at possible further losses ahead. Yet, there is a slight ray of hope for ETH price recovery.
Ethereum Heading for a Big Drop
Veteran trader Peter Brandt is raising concerns about Ethereum (ETH), saying there’s no buy signal right now. He also pointed out a bearish rising wedge pattern forming on the 4-hour chart, which often leads to significant price drops.
He believes the chart still looks bearish, with a downside target of $1,551 that has not been reached yet. However, Brandt notes that predicting whether these patterns will play out exactly as expected remains challenging. He warns that things often don’t go as planned.
As of now, ETH is trading around $2,505, showing a drop of 5.3% in the last 24 hours. Meanwhile, the 24-hour trading volume has gone up by 3%, indicating that traders are becoming more interested. However, open interest has also seen a drop of 1.8.5% in the past four hours.
20% Possible Drop Ahead?
At the same time, Well-known crypto analyst Michael van de Poppe recently shared his views on Ethereum (ETH) and its possible direction. He noted that the current chart for ETH looks tricky. If Ethereum continues to fall, we could see a drop of 10% to 20%.
Despite the bearish outlook, van de Poppe remains hopeful that a turnaround could happen soon. He highlights the importance of upcoming economic data, especially the unemployment numbers that will be released today.
Ethereum Price Analysis
Despite the current bearish outlook, Ethereum’s technical analysis suggests some room for optimism. The price is following an ascending trendline that could prompt a retest around $2,550 to $2,600, and the daily chart shows an ascending triangle, which often hints at a bullish outlook for an Ethereum price prediction.
Meanwhile, the next key target is $2,800, with ETH aiming to surpass the 100-day and 200-day Exponential Moving Average, which would strengthen its bullish momentum.
The Relative Strength Index is above 50, indicating buyer control without overbought conditions while narrowing Bollinger Bands suggests reduced volatility. However, if ETH closes above $2,800, volatility could quickly increase, and will see ETH hitting $3000 soon.
