Alert: Expert Cautions on Possible Ethereum Price Decline
Veteran crypto analyst Peter Brandt has sounded the alarm on Ethereum (ETH), sparking concerns among investors. With a track record of over four decades in technical analysis, Brandt has identified troubling trends on Ethereum’s chart that suggest a looming price drop.
Brandt’s analysis points out the completion of a five-month rectangle pattern, followed by a retest of the breakout point. Furthermore, he notes the emergence of a rising wedge formation on the intraday chart, prompting Brandt to open a short position on Ethereum with a target price of $1,651, indicating a potential 40% decrease from the current market value of around $2,700.
While Brandt’s prediction has generated buzz in the crypto sphere, he himself cautions that the patterns might not play out as anticipated. Despite the technical signals, there is still uncertainty surrounding the accuracy of these forecasts.
Brandt’s pessimistic view on Ethereum stems from technical analysis rather than personal bias. Notably, he has previously expressed doubts about Ethereum compared to Bitcoin, regarding it as inferior. Despite a past attempt to bet against Ethereum, the outcome did not align with his expectations.
In summary, Brandt’s alert on the potential Ethereum price movements emphasizes the significance of tracking technical patterns and staying updated on possible market shifts. Investors should approach such warnings carefully and conduct thorough research before making any investment choices.
