Veteran trader Peter Brandt has insisted that Ethereum’s downward momentum remains, as bearish signals still dominate the chart.
Ethereum has suffered some of the most losses in the ongoing market correction. For context, the second-largest cryptocurrency by market cap has depreciated 5.30% over the last 24 hours, while Bitcoin and Solana are down 3.87% and 4.91%, respectively.
Despite the bearish performance, analysts remain keen on Ethereum seeing higher prices, with predictions of a surge to $6,000 and a short-term uptick to $2,750 suggested among notable market speculators. However, veteran analyst Peter Brandt has insisted that there has not been a change in Ethereum’s prevailing bearish momentum.
Bearish Momentum Dominates Ethereum
In a tweet on October 31, Brandt argued that Ethereum remains bearish. He insisted that there has not been any indication of a change in momentum in the asset’s price pattern.
Furthermore, the market veteran shares an Ethereum 1D chart to support his bearish claims. According to him, Ethereum is not flashing any buy signal or a forming pattern to support a change of momentum.
Brandt’s chart shows a bearish flag pattern, which has been forming since August. The analyst noted that a break in the structure could push Ethereum to what he described as an “unmet target.”
Brandt Sets Price Target for Ethereum’s Impending Capitulation
According to the analysis, Brandt believes Ethereum’s bearish momentum would take the asset to an unmet 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 62% capitulation from the current market price. Ethereum exchanges hands at $2,507 at the time of writing.
Notably, analyst Kotter agrees with Brandt’s predictions. In an X analysis, the market speculator shares that Ethereum will continue to underperform against Bitcoin, with the ETH/BTC chart targeting the zone around 0.02653.
Ethereum currently trades at an over 42-month low against Bitcoin, as the latter has outperformed the former extensively. At press time, the ETH/BTC chart trends at 0.03613.