đ€ Will $ETH Price Crash Below $2000? - CoinGape
đ ETH Price Reversal: Ethereum quickly reversed its 24-hour gains after the US CPI report, falling 2.5% as Bitcoin dropped below $60,000. The CPI affirmed easing inflation, but ETH now trades around $2,645, down from its $2,700 peak.
đ Peter Brandt Predicts Crash: Analyst Peter Bradt sees ETH dropping to $1,651, citing a bearish five-month rectangle and rising wedge pattern. Traders eye a potential 3:1 profit-to-loss ratio, but more analysis is needed due to the patternâs unreliability.
đ CPI & Market Uncertainty: Despite Julyâs CPI bringing annual inflation down to 2.9%, Ethereum corrected with Bitcoin due to lingering market uncertainty. The Fed may cut rates by 25 basis points, but a larger cut is unlikely.
đŒ ETH ETFs Lag: Ethereum ETFs have underperformed, with $376.67 million in net outflows, dampening hopes for a Bitcoin-like rally. ETH needs to push past $2,800 to target $3,000, though short-term indicators suggest a bearish outlook.
