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Ethereum's price faces a potential downward shift, with veteran trader Peter Brandt predicting a drop to $1,551 amid bearish chart structures. While some analysts see a 10-20% downside, others anticipate a reversal supported by a key demand zone and inflows into Ethereum ETFs.
Bearish Signals Persist in Ethereum’s Price Structure
The lack of a buy signal for Ethereum (ETH) was pointed out by veteran trader Peter Brandt, who emphasized that the chart structure is still bearish. Brandt maintains a cautious stance on Ethereum (ETH) in light of recent fluctuations in the cryptocurrency market, stating that the altcoin still has an unfulfilled downside objective of $1,551.
A channel with lower highs and lows has been developing in the Ethereum price going downwards. Michael van de Poppe, a well-known crypto expert, predicted that Ethereum's price might fall another 10% to 20% if it keeps falling at its current rate.
Potential Turning Point for U.S. Treasury Yields and ETH
However, according to van de Poppe, there may be a turning point in the market for both U.S. Treasury yields and ETH. He made the point that the U.S. unemployment numbers due out tomorrow will be crucial, since they could dictate the overall course of the market.
Mammon, a well-known crypto expert, has pointed out that bulls are trying to construct a higher low formation and sustain the existing bull trend as the price of Ethereum approaches a vital demand zone. Mammon warned that the accumulation of liquidity below the mid-range level could signify trouble if the market closed below about $2,460.
Higher Low Could Spark Major Ethereum Rally
However, according to Mammon, there is a good chance of a breakout if Ethereum is able to create a higher low inside this support zone and retest the volume area high (VAH). According to his analysis, if this level can be reclaimed, it might pave the way for a substantial price rally. The price of Ethereum has been projected by some market analysts to reach $18,000.
Also, investors have started pouring money back into spot Ethereum exchange-traded funds. Net positive inflows have been recorded by the spot Ether ETFs over the past three days, Coingape reports.
According to data provided by Farside Investors, the BlackRock Ethereum ETF (ETHA) received $50 million in inflows on Thursday, October 31. But $36.6 million left the Grayscale Ethereum ETF (ETHE), bringing the total inflows down to $13 million.
