Martinez, whose research often links ETH with more general market movements, has compared Ethereum’s rise with that of the S&P 500, suggesting that a similar breakout might be just ahead.<\/p>\n
Nevertheless, not all individuals are satisfied with this optimistic outlook. Peter Brandt, another crypto expert, maintains an alternative perspective. Brandt, who is renowned for his technical expertise and precise predictions, has issued a cautionary note regarding a robust bearish pattern on the daily chart of ETH.<\/p>\n
In his most recent analysis, he emphasizes a “bearish flag”<\/a>\u2014a descending channel\u2014that he believes indicates potential additional downside risk.<\/p>\n Martinez has grounded his case on the historical relationship between Ethereum and the S&P 500 (SPX). Examining ETH in tandem with SPX Martinez noted that both assets had a bottom in late 2022 and kept an increasing trend until 2023.<\/p>\n #Ethereum<\/a> $ETH<\/a> has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com\/BgpbZQXM6I<\/a><\/p>\n \u2014 Ali (@ali_charts) November 4, 2024<\/a><\/p>\n<\/blockquote>\n Based on the S&P 500 performance recently, he believes this alignment indicates ETH is preparing for a similar breakout. Martinez believes ETH might follow a similar trajectory, perhaps reaching the elusive $10,000 mark as the S&P 500 somewhat sank after its breakthrough to roughly $5,900.<\/p>\n If such a trend is to follow through, then Ethereum needs a push to around 310% higher than the market price today. At the time of writing, Ether was trading at $2,618<\/a>, up 8% in the last 24 hours.<\/p>\n Martinez is cheerful about it, especially taking into account the development coming into the broader market perspective, although the objective has a very steep curve; however, Brandt’s warning is that ETH journey might not be as facile as envisioned, especially at the emergence of bearish signals.<\/p>\n The on-chain data from IntoTheBlock indicates that Ethereum holders have a divided sentiment. At present, nearly 23% of active addresses that hold ETH are in advantageous positions, which indicates that these holders are “in the money.”<\/p>\n Although this implies that there is support at a certain level, the break-even level of 60% of the portfolios implies that the market remains uncertain. The holding by these individuals will determine how to buy more units or sell them in case of either a rise or drop in the price of Ethereum during the next weeks.<\/p>\n More Losses Ahead?<\/p>\n Veteran trader Peter Brandt warns that ETH’s bearish trend is severe and improbable to turn around. Brandt lately saw ETH’s daily chart’s negative predominance and projected more losses.<\/p>\n Interesting to note that there was not a buy signal in $ETH<\/a>The Stock Market Connection<\/h2>\n
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<\/p>\nA Blend Of Signals<\/h2>\n
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\nIn fact, chart remains bearish with unmet target at 1551 pic.twitter.com\/sjkXyTQXU2<\/a><\/p>\n
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