Ethereum Price Prediction: Analysts Identify Bearish Trends Amid Market Corrections

Ethereum’s recent market performance is raising alarms among analysts. Starting October at $2,400, ETH reached $2,500 by November, but experts now predict a potential decline of $1,000.

The cryptocurrency has seen a 5.30% drop in the last 24 hours, reflecting broader market corrections. Analyst Peter Brandt highlights a bearish trend, noting an unmet target of $1,551, which would mean a 62% decrease from current levels.

Interesting to note that there was not a buy signal in $ETH
In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2

— Peter Brandt (@PeterLBrandt) October 31, 2024

Supporting Brandt, analyst Kotter suggests Ethereum will likely underperform against Bitcoin, with the ETH/BTC ratio possibly heading towards 0.0265. Currently priced at $2,522, ETH has fallen 4.2% in one day and 0.7% over the past week.

The latest sell-off contributed to a significant market downturn, with the global crypto market cap now at $2.35 trillion, down 1.68% in he past 24 hours. Analyst Michael van de Poppe warns that further declines of 10-20% could occur if current trends continue.

Very tricky chart.

If $ETH is continuing its downward momentum, then we’re still in for another 10-20% drop. However, at this point, I think we’re closer to a reversal on Yields and a reversal on ETH.

A big day tomorrow with the unemployment data! pic.twitter.com/hy6cWmWGAL

— Michaël van de Poppe (@CryptoMichNL) October 31, 2024

Conversely, some analysts, some believe Ethereum is approaching a crucial support level that could lead to a bullish reversal. If ETH establishes a higher low, there is potential for a rally, with some targets reaching up to $18,000.

In the institutional space, Ethereum spot ETFs are experiencing renewed inflows, with BlackRock’s ETF seeing $50 million in new investments recently. Market sentiment may also be affected by the U.S. unemployment data and the general elections, which could influence crypto-friendly policies.