The leading cryptocurrency Bitcoin exceeded $ 70,000 last night while counting the days for halving.
While the upward move in BTC continues, the largest altcoin Ethereum price continues to trade below $3,500 and fails to rise despite high expectations for the Dencun upgrade.
As Ethereum continues to show signs of weakness against Bitcoin, the ETH/BTC pair also achieved its lowest weekly close since April 2021.
While the situation in ETH is not positive, legendary analyst Peter Brandt, known for his successful predictions, said that the Ethereum price may be in a bear trap.
Bear trap? That is always a possibility when price hits a new 35-month low. pic.twitter.com/aKQg9k7TcD
— Peter Brandt (@PeterLBrandt) April 8, 2024
While a bear trap is considered a reversal indicator of a reversal, it is thought that the probability of Ethereum being in a bear trap is higher than a reversal in price due to the bull market and positive sentiment.
Because the ETH/BTC pair fell to its lowest level in the last 35 months. The unstoppable rise of Solana and the upcoming Bitcoin halving are seen as the reason for the weakness in Ethereum and the decline in ETH/BTC.
At this point, Peter Brandt pointed out that Ethereum is low enough against Bitcoin and stated that a pullback in the ETH price is unlikely and commented, “There are enough BIG whales investing in ETH and it will be difficult for the price to lose too much value.”
*This is not investment advice.
