Ethereum The price failed to gain despite rising expectations from the Dencun upgrade and is trading below $3,500. Additionally, the lowest weekly close of the ETH BTC pair since April 2021 attracted attention. However, legendary trader Peter Brandt, known for his accurate predictions, suggested that the ETH price may be in a “bear trap.”
Peter Brandt, sparked controversy last week when he commented that Ethereum was a Bitcoin imitator. However, he also accepted the fact that it will always attract investors. In his last article on X, the experienced trader expressed his opinion by stating that the ETH price may be in a “bear trap”.
A bear trap is a false technical indicator of a reversal, and the probability of Ethereum price being in a bear trap is higher than a reversal due to the bull market and positive sentiment. As we reported as Koinfinans.com, the ETH price fell to a 35-month low and dominance fell below 16%. This is due to Solana’s unstoppable rally and the upcoming Bitcoin halving.
Peter Brandt stated that there are enough whales invested in ETH that it will be difficult for the price to lose too much value.
Spot On Chain pointed to heavy Ethereum buying by whales. For example, two whales spent a total of $35.11 million of the stablecoin to purchase 10,322 ETH, causing a rebound in price. Trading activity is also high after ETHBTC hit a record low.
IntoTheBlock revealed that as L2 gas costs dropped significantly after the Dencun upgrade, on-chain activity increased radically, reaching peak levels of 32 million transactions per week.
Popular analyst Michael van de Poppe said, Ethereum priceHe stated that it looks attractive at the current level as it is in a significant support zone and is still in a downward trend. “That said, this is the area where I want to further immerse myself in the ETH ecosystem,” he added. There is also an investment opportunity amidst the negativity surrounding the altcoin.
