Ethereum (ETH) FUD Looming Large
Ethereum (ETH) has its share of supporters and critics, including renowned trader Peter Brandt. Currently priced at $2,162.05 with a 2.28% decrease in the past 24 hours, Brandt believes that Ethereum’s price is destined to decline further.
Brandt took to the X app to express his views, acknowledging that while chart patterns are not always reliable, if Ethereum follows the bearish script in his accompanying chart, the digital currency could experience significant lows in the near future.
According to Brandt’s forecast, Ethereum could drop as low as $1,000 or even reach $650 in a worst-case scenario. He revealed that he has already shorted the coin and has implemented a protective stop-loss order.
As a prominent figure and analyst in the crypto ecosystem, Brandt’s projection carries weight and may impact traders’ sentiment towards Ethereum. However, it is worth noting that Ethereum has not fallen below the $1,000 mark since at least January 2021.
Odds of Ethereum Correcting?
Ethereum has been undergoing a significant correction phase for several days now. It has relinquished the gains it made earlier this month when it reached a high of $2,401.76. While further decline is possible, Ethereum has key fundamentals that could boost its resilience.
One important factor is the increasing demand for an Ethereum Spot Exchange Traded Fund (ETF) product by major investment managers like BlackRock. If approved, this product could attract substantial institutional capital and potentially impact the demand and price of Ethereum.
While short-term corrections align with Brandt’s projection, the long-term outlook for Ethereum remains promising.
Hot Take: Peter Brandt Shorting Ethereum Sends Bearish Signal
Peter Brandt, a renowned crypto trader, has revealed his bearish stance on Ethereum by shorting the digital currency. His forecast of Ethereum dropping to $1,000 or even $650 has caught the attention of the crypto community. As a respected figure in the industry, Brandt’s opinions carry weight and may influence traders’ sentiments towards Ethereum. However, it is important to consider Ethereum’s historical performance and the potential impact of key fundamentals such as the demand for an Ethereum Spot ETF. While short-term corrections are possible, the long-term outlook for Ethereum remains promising.
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