Ethereum price continues to trade under $3,500, failing to gain despite high anticipation surrounding the Dencun upgrade. Also, ETHBTC just had its lowest weekly close since April 2021. However, legendary trader Peter Brandt known for accurate predictions says the Ethereum price could be in a “bear trap“.
Peter Brandt, last week, said Ethereum is a “junk coin” and Bitcoin pretender, but agreed that it will always attract investors. In the latest post on X, veteran trader Peter Brandt indicated Ethereum price could be in a “bear trap”.
A bear trap is a false technical indication of a reversal and the possibility of Ethereum price in a bear trap is higher than a reversal due to bull market and positive sentiment. ETH price has dipped new 35-month low, with dominance falling below 16%. The reason is Solana’s unstoppable rally and upcoming Bitcoin halving.
“There are enough HUGE whales invested in ETH that it will be difficult for the price to depreciate very much,” said Peter Brandt.
Spot On Chain signaled heavy buying of ETH by whales. For instance, two whales spent a total of $35.11 million in stablecoins to buy 10,322 ETH, causing a recovery in price. The trading activity is also high after ETHBTC is at record low level.
IntoTheBlock revealed on-chain activity to pick up radically and reaching highs of 32 million transactions per week as L2 gas costs dropped significantly after the Dencun upgrade.
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Popular analyst Michael van de Poppe stated Ethereum price looks attractive at the current level as it is at a crucial support zone and is still trending down. “However, this is the region where I’m looking to get myself even more into the Ethereum ecosystem, he added. Also, there is an investment opportunity amid negativity surrounding Ethereum.
ETH price jumped over 1% in the past 24 hours, with the price currently trading at $3,426. The 24-hour low and high are $3,370 and $3,458, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
Ethereum futures open interests across exchanges has also increased more than 1% in the last 24 hours. The rise in prices and OI indicates a likely recovery in ETH price.
Also Read: Bitcoin (BTC) Price Stabilizes Before March CPI Data and FOMC Meet, What’s Next?
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