Brent Ethereum has no buy signal and the trend remains bearish

Veteran trader Peter Brandt insists Ethereum’s downside momentum remains as bearish signals still dominate the charts.

Ethereum has suffered one of the worst losses in the current market correction. For that matter, the second-largest cryptocurrency by market cap has lost 5.30% in the past 24 hours, while Bitcoin and Solana have dropped 3.87% and 4.91%, respectively.

Despite the bearish performance, analysts remain optimistic about Ethereum’s price rally, with many market speculators predicting a rally to $6,000 and a return to $2,750 in the short term. However, veteran analyst Peter Brandt insisted that Ethereum’s bearish momentum has not changed.

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Ethereum’s Bearish Momentum Dominates

In a tweet on Oct. 31, Brandt argued that Ethereum remains bearish. He insisted that there was no sign of any change in momentum in the asset’s price pattern.

Additionally, the market veteran shared a 1-day chart of Ethereum to support his bearish call. He said Ethereum has not given any buy signals or formed any patterns that support a change in momentum.

Brandt’s chart shows a bearish flag pattern that has been forming since August. The analyst noted that a breakout of the structure could push Ethereum toward what he described as a “missed target.”

Brent Ethereum Analysis

Brandt Sets Price Target for Ethereum’s Impending Sell-off

Based on the analysis, Brandt believes that Ethereum’s bearish momentum will take the asset down to an unreachable target of $1,551. Notably, the market veteran expects the king of altcoins to break the support area of around $2,400 and fall back to levels last seen in October 2023.

Meanwhile, a drop to $1,551 would mean a sell-off of 62% from the current market price. At the time of writing, Ethereum is trading at $2,507.

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Notably, analyst Kotter agrees with Brandt’s forecast. In an X analysis, the market speculator noted that Ethereum will continue to underperform compared to Bitcoin, with the target area on the ETH/BTC chart being around 0.02653.

Currently, Ethereum is trading at more than 42-month lows against Bitcoin as the latter outperforms the former by a wide margin. At press time, the ETH/BTC chart is trending at 0.03613.

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