🚨🚨 Ethereum Crash Incoming? Peter Brandt’s $1,651 Prediction Shocks the Market!
The cryptocurrency market has been under intense selling pressure following the latest U.S. CPI data. Amid this turmoil, legendary trader Peter Brandt has caught the crypto community's attention with a bold and bearish outlook for Ethereum (ETH).
➡️🔥 Peter Brandt’s Ethereum Price Prediction
Peter Brandt, a veteran trader, recently took to X (formerly Twitter) to share his insights on Ethereum. According to him, ETH broke down from a 5-month rectangle pattern on August 4, 2024. Currently, the price is retesting the breakdown level, signaling a potential bearish opportunity.
➡️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, don’t take offense. I am as quick to go long on a good pattern as short on a good pattern."
➡️📉 Ethereum Technical Analysis by Peter Brandt
In his analysis, Peter highlighted a bearish rising wedge pattern forming on the 4-hour time frame for ETH, which typically precedes significant price declines. He set a bearish target of $1,651 with a stop-loss at $2,961, maintaining a 3:1 risk-to-reward ratio.
➡️🚀 Ethereum’s Price Performance
As of now, ETH is trading near $2,660, with a modest 0.3% increase in the last 24 hours. Trading volume has also risen by 5%, indicating growing interest from traders, although open interest dropped by 3.5% in the last 4 hours.
This prediction has sparked a flurry of activity, garnering 47k views within just one hour! The crypto world is buzzing—is Ethereum headed for a steep decline? Stay tuned!
