Ethereum (ETH) Price Can Crash to $1,550, Predicts Veteran Trader Peter Brandt

The world's largest altcoin Ethereum (ETH) continues to remain in the bear grip while failing to sustain above $2,600 for a long time.

Veteran trader predicts further downside risk for Ethereum (ETH) price as it fails to attract strong buying interest.

The world’s largest altcoin Ethereum (ETH) continues to trade within a bearish zone, despite showing signs of recovery in the past few days. On the other hand, the altcoin failed to sustain above the crucial support levels, adding to the traders’ concerns.

Ethereum Price Analysis (ETH/USD 4-hour Chart)

After failing to hold above the 4-hour demand zone (light blue), ETH price crashed lower, forming a bearish lower high. Now, the price is trading within a descending channel (dotted lines), and traders can expect further bearish momentum.

Moreover, the Relative Strength Index (RSI) is also bearish, indicating lower highs on the 4-hour time frame. A clear breakout below the channel support (dotted line) could lead to another leg down towards the next support levels around $2400 and $2300.

ETH Price Crash To $1550 Predicted By Veteran Trader

Well-known trader Peter Brandt highlighted the lack of a clear buy signal on the Ethereum chart, adding that the structure remains bearish. According to Brandt, ETH still has an unmet downside target of $1551, suggesting that the altcoin could see further declines amid the recent bearish momentum in the crypto market.

are suggesting that ETH could be preparing for a bullish reversal. However, a clear breakout from the descending channel (dotted lines) could invalidate the bearish outlook for the altcoin.

In that case, traders can expect a bullish move towards the next resistance levels around $2620 and $2680. A breakout above these levels could lead to further gains towards the upper boundary of the channel at $2770.

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