According to renowned crypto analyst and CEO of Factor LLC Peter Brandt, there is a high probability that the price Ethereum (ETH) is set to fall in the coming weeks. He predicts a drop to $1551, which would be a 40% decline from current levels.
The daily chart shows that эфириум remains below the 50-day moving average and key support at $2817, as well as the neckline of the double top pattern at $3975.
Ethereum has also formed a bearish pennant pattern, and another triangle pattern is approaching the intersection point. This indicates a potential bearish breakout in the near future. If it occurs, the first level to which it will fall Altcoyin , will be $2117, the lowest point on August 5.
On Friday, November 1, ETH was trading at $2550, down 37% from its highest level this year. At the same time, Bitcoin was only 4,7% below its historical maximum.
Data from CryptoQuant shows that Ethereum volume on exchanges has been growing in recent months, suggesting that some holders have started selling the asset. Among those dumping the altcoin are: Ethereum Foundation and Vitalik Buterin .
Demand for Spot ETH- ETF is declining, the total outflow of funds has already exceeded $480 million. Ethereum also lost market share to decentralized finance, with $42 million in transactions, compared to Solana is currently in first place with $51 million.
