Like most digital assets, Ethereum has experienced a correction this week, losing more than 5% in the last 24 hours, trading just above $2,500. While increased on-chain activity could ultimately cause bulls to bet on an Ether rebound, several experts differ on this prospect.

Experienced cryptocurrency analyst Peter Brandt predicts the price of Ether will continue to decline to a loss of over 60% from its current price, with no signs of change.

Currently, the Ether price is at its lowest level in 42 months. While Bitcoin tested the 70k mark again. dollars earlier this week, Ether maintains sluggish price action and is too far from the expert target of 4k. dollars.

Strong ether bear movement

Ethereum is trading at a 42-month low against the world’s largest digital asset, suggesting bearish momentum. Moving away from the price chart, Ethereum is in a downward spiral and represents a painful market correction for holders and investors.

According to Brandt, the bearish sentiment on Ethereum will continue without reassuring signs of a reversal.

Interestingly, there was no buy signal $ETH
In fact, the chart remains bearish with a missed target at 1,551 pic.twitter.com/sjkXyTQXU2

— Peter Brandt (@PeterLBrandt) October 31, 2024

In a post on Twitter/X, Brandt shared a chart saying there is no other signal for Ether. He added that Ethereum’s chart is bearish and bulls are making it complex to reach the $1,551 target.

The one-day chart shows the continued downward momentum of this asset that began in August last year, characterized by a degenerating channel. An Ethereum bearish flag is terrible news for traders and holders, suggesting a continuation of the downtrend.

The analyst sees bearish indicators for Ethereum

In addition to the bearish signals on the chart, Brandt also noticed some discouraging indicators for Ethereum. For example, Ether is down over 5% in the last 24 hours, recording a sharper decline than Solana at -4.91% and Bitcoin at -3.87%.

Brandt also noted that the ETH/BTC trading ratio fell to 0.03613, a 42-month low, as BTC continues to lead the broader cryptocurrency market. Although Ethereum is currently trading at $2,507, Brandt sees the asset’s value falling further to $1,551, reflecting a possible 62% decline from its current value.

Ethereum target missed: $1,551

Brandt considers the $1,551 amount to be a missed goal and a key asset milestone. In his analysis, this level serves as the point of capitulation for holders. Recent price declines have impacted investor and cryptocurrency holder confidence, with Ethereum struggling to hold onto the $2,400 support.

As the second largest cryptocurrency, Ethereum has shown the first signs of growth. Many observers predicted a market rally with a long-term price target of $6,000. Short-term estimates put Ethereum at $2,750.

Brandt, however, offers a more bearish outlook for Ethereum, claiming that the asset’s value will decline unless a modern set of technical indicators emerge.

Featured image from Tokpie, chart from TradingView