Ethereum (ETH) 
$2,514, the largest altcoin by market capitalization, has struggled to maintain a price above $2,600, recently experiencing a 5.5% decline. At the time of writing, the price is trading at $2,564. With a market cap of $302 billion, Ethereum continues to show weak performance amid the overall correction in the cryptocurrency market.
Expert Predictions
Experienced trader Peter Brandt has stated there are no buy signals for Ethereum, emphasizing the bearish trend in its chart structure. According to Brandt, ETH has an unachieved downward target of $1,551, which creates a cautious outlook for the altcoin.
Brandt predicts that due to low buyer interest, ETH could fall to as low as $1,550.
Ethereum (ETH) ETF
On the other hand, crypto analyst Mammon noted that Ethereum’s price is approaching a critical demand zone, with bulls attempting to establish a higher low and support the ongoing upward trend. Mammon indicated that if Ethereum successfully forms a higher low in this support zone, it could trigger a significant rally.
Recently, investments in spot Ethereum ETFs have seen a resurgence, with spot Ether ETFs recording net positive flows in the last three days. On October 31, BlackRock’s Ethereum ETF received a $50 million investment; however, the Grayscale Ethereum ETF experienced a $36.6 million outflow, leading to a total net flow of $13 million.
Impact of Market Developments
The overall movement in the crypto market and technical indicators continue to create uncertainty regarding Ethereum’s future. Notably, the U.S. unemployment data stands out as a significant factor that could influence the market’s general direction. The market’s reaction following the release of this data may guide Ethereum’s price movements.
Despite the challenges Ethereum faces, some analysts suggest that the market may recover soon. However, the overall market trend and external factors will likely play critical roles in determining Ethereum’s price performance.
Conclusion
Ethereum is undergoing a significant period of uncertainty under current market conditions. Given the varied predictions from experts and the impact of market movements, it is essential for investors to make careful and informed decisions. Ethereum’s future performance will be shaped by technical analyses and macroeconomic indicators.
