A Warning for Ethereum: Veteran Trader Predicts a Potential Crash
A well-known crypto analyst, Peter Brandt, is cautioning his followers about the future of Ethereum (ETH), the second-largest cryptocurrency by market capitalization. Brandt took to Twitter to share his concerns, stating that he believes ETH could experience a significant crash that would push its price below $700.
While acknowledging that classical chart patterns are not always reliable, Brandt suggests that if the rising wedge pattern in Ethereum follows its expected trajectory, the target could be $1,000 and then $650. He even revealed that he has taken a short position on ETH and implemented a protective stop at break-even.
Technical Analysis Insights from Peter Brandt
When questioned about his interpretation of the chart pattern, with some suggesting it could be an ascending triangle, Brandt explained his analysis process. He considers various factors but relies on the closing price line chart as the deciding factor. He also mentioned his contrarian tendencies and highlighted the low-risk setup for shorting ETH.
Potential 70% Decline for Ethereum
Currently valued at $2,156, a drop to $650 would represent a staggering 70% decline for Ethereum. This prediction from an experienced trader has raised concerns among investors and traders in the crypto community.
Hot Take: Brace Yourself for a Possible Ethereum Crash
Veteran trader Peter Brandt has sounded the alarm for Ethereum, warning that the popular altcoin may experience a massive crash that could send its price plummeting below $700. While chart patterns are not always reliable indicators, Brandt suggests that if Ethereum’s rising wedge pattern plays out as expected, it could see a target of $1,000 and then potentially drop further to $650. With Ethereum currently trading at around $2,156, this would represent a significant decline of nearly 70%. Brandt’s warning has garnered attention within the crypto community, sparking concerns among investors and traders about the future of Ethereum.
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