Ethereum is about to plummet? Legendary trader reveals "2 pictures" warning: ETH may fall back to $1,651!
Ethereum recently fell to $2,112, an eight-month low, and later rebounded 13%. But some analysts believe that there are still downside risks.
Peter Brandt, who has been a trader since 1975 and is known as a legendary trader, published an article on August 14, making a bold prediction on the price trend of Ethereum ($ETH).
Brandt predicts that the price of Ethereum may plummet to $1,651, the lowest point since October 2023, because Ethereum fell below the key "parallel channel".
On August 4, Ethereum fell below the lower support line ($2,814), starting a new downward trend. Brandt believes that the support line has now become a short-term resistance, and Ethereum is testing whether it can be converted back into support.
As can be seen from the chart, the price of Ethereum continues to hit higher highs and higher lows, but as the gap between the two gradually narrows, an ascending wedge pattern is formed.
