The largest altcoin by market cap is Ethereum (ETH) 
$2,506While it failed to stay above $2,600 for a long time, it fell 5.5%. At the time of writing, the price is trading at $2,564. Ethereum, with a market capitalization of $302 billion, continues its weak performance during the correction in the overall crypto market.
Expert Predictions
Experienced trader Peter Brandt stated that there is no buy signal for Ethereum and emphasized that the chart structure remains in a downward trend. According to Brandt, ETH has an unrealized decline target at $1,551, which creates a cautious outlook for the altcoin.
Peter Brandt predicts that ETH could drop to $1,550 due to low buyer interest.
Popular crypto analyst Michael van de Poppe stated that if ETH continues its current bearish momentum, the asset could decline another 10-20 percent. However, van de Poppe also wrote that market conditions were approaching a potential turning point. The factor supporting his expectation is US Treasury yields and he predicts that ETH may recover in this process.
Ethereum (ETH) ETF
On the other hand, crypto analyst Mammon stated that the Ethereum price is approaching a critical demand zone and that the bulls are trying to create a higher bottom formation and support the ongoing uptrend. Mammon pointed out that if Ethereum successfully forms a higher low within this support zone, the price could trigger a significant rally.
Recently, investments in spot Ethereum ETFs have started to increase again. Over the past three days, spot Ether ETFs have recorded net positive flows. On Thursday, October 31, BlackRock Ethereum ETF (ETHA) raised $50 million. However, Grayscale Ethereum ETF (ETHE) experienced an outflow of $36.6 million and total net inflows were $13 million.
Impact of Market Developments
General activity and technical indicators in the crypto market continue to create uncertainty about the future of Ethereum. In particular, US unemployment data stands out as an important factor that can affect the general direction of the market. The market reaction after the release of this data may direct the price movements of Ethereum.
Despite the challenges facing Ethereum, some analysts point out that the market may recover soon. However, the overall trend of the market and the influence of external factors are likely to play a critical role in determining Ethereum’s price performance.
Conclusion
Ethereum is going through a period of significant uncertainty under current market conditions. With the influence of experts’ different predictions and market movements, it is important for investors to make careful and informed decisions. Ethereum’s future performance will be shaped by technical analysis and macroeconomic indicators.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
