u.today
Peter Brandt, considered by many as a trading legend, and whose insights are followed by many with special attention, has released a new review of the Ethereum price. It is difficult to call it positive, to say the least.
Thus, the expert showed on the price chart of the main altcoin what could be a potential 38% collapse in its quotes. Now quoted at levels around $2,500 per ETH, the digital asset still looks bearish in the trader's opinion, and despite the recent brief "greening" of the price, Ethereum has not received a buy signal.
As you can see on the trader's chart, he differentiates Ethereum's price action into two major range and the inability to break out of this box, where the price is now at apparent resistance in the $2,800 per ETH area, is the driver of Brandt's bearish sentiment.
Interesting to note that there was not a buy signal in $ETH
— Peter Brandt (@PeterLBrandt) October 31, 2024
In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2
As a result, the trader gives the main altcoin a price of $1,551 as the next benchmark, which represents a literal 38% drop from current levels.
Is it real?
In his technical reviews, Brandt believes that a similar situation is in the cards for Ethereum right now. However, whether such an outcome is possible from a fundamental point of view is the question.
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On the one hand, the ETH price is indeed showing weakness, but only against the backdrop of Bitcoin and Solana. On the other hand, they are showing ambition for new historical highs and are dragging the whole market with them.
Given that everything on the crypto market is correlated, should we expect a 38% drop in the price of Ethereum to cause a drop in all other assets?