Significant Price Drop Predicted for Ethereum by Peter Brandt
The cryptocurrency markets are currently facing pressure following the release of US CPI data, with Ethereum (ETH) at risk of experiencing a significant price drop. Prominent trader Peter Brandt has issued a warning about the potential decrease in ETH value, citing bearish trends that have captured the attention of the crypto community.
Peter Brandt’s Analysis of Ethereum’s Price Trends
Peter Brandt recently expressed concerns about Ethereum’s future performance based on bearish patterns observed in technical indicators. Notably, on August 4, 2024, ETH broke out of a five-month rectangular pattern, prompting a test of a breakout level that could indicate a bearish market sentiment. Brandt also highlighted a bearish rising wedge on the 4-hour chart, historically signaling a significant price decline. According to his analysis, ETH could potentially drop to $1,651, with a stop at $2,961.
Current Market Conditions for Ethereum
As of the latest update, Ethereum is trading around $2,660, representing a 1.81% decrease in the past 24 hours. Despite the decline, there has been a 5% increase in trading volume, indicating heightened trader activity. However, Ethereum’s open interest has dipped by 3.5% in the last four hours, following a 2% increase in the previous 24 hours.
Brandt’s insights on Ethereum garnered significant attention, with his analysis reaching 47,000 views within an hour. He emphasized that his assessments are based on technical factors and are not personal criticisms of the asset. Brandt reiterated his readiness to execute both long and short trades based on the patterns he identifies, irrespective of his personal sentiments towards the asset.
Also read: Peter Brandt Discovers Potential Bitcoin Layout in Expanding Triangle
