The cryptocurrency market has come under pressure due to the recent release of the U.S. CPI data. During this bear market, the famous trader Peter Brandt has warned that Ethereum (ETH) could see a significant price decline. He pointed out a bearish trend that has recently gained the crypto community’s attention.
Peter Brandt Predicts Ethereum Price Drop
Peter Brandt has recently expressed concerns regarding Ethereum due to the bearish pattern of the technical indicators. As stated by Brandt, on August 4, 2024, ETH fell out from a five-month rectangle pattern. The price is testing the breakdown level, which could signify a bearish trade.
Ether $ETH
I am posting this not as a slam on ETH, even though I'm not a fan, but to describe how I trade – so ETHernuts, dont take offense. I am as quick to go long on a good pattern as short on a good pattern
1. 5-mo rectangle (my fav pattern) completed Aug 4
2. Retest of BO… pic.twitter.com/h89EAzP7cb— Peter Brandt (@PeterLBrandt) August 14, 2024
Brandt also examined Ethereum’s price movement on a 4-hour chart and identified a bearish rising wedge. If this pattern breaks down, it has historically foreshadowed a significant price drop. Traders have paid attention, as Brandt’s analysis shows that ETH could go bearish at $1,651 with a stop-loss at $2,961.
Ethereum’s Open Interest Shows Mixed Signals
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As of the time of writing, Ethereum is trading at around $2,660, having suffered a 1.81% decline in the last 24 hours. This fall is coupled with a 5% rise in trading volume, suggesting increased trader engagement. However, Ethereum’s open interest has decreased by 3.5% in the past four hours, while it has increased by 2% within the past 24 hours.
Brandt’s insights and forecasts have been relevant and relatable to the crypto audience since his post on X received 47k views in one hour. However, Brandt noted that this is a technical view, not a personal attack on Ethereum. He stated that he is ready to execute long and short trades depending on the formations he sees on the asset, not minding his feelings towards the asset.
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Also Read: Peter Brandt Spots Potential Bitcoin Setup Amid Expanding Triangle
