#CARVingTheFutureOfData $ETH @CARV
🔥🔥🔥 Trading Veteran Predicts Ethereum Will Drop to $1,651: 🚀🚀🚀🚀
♦️ Cast vote & claim 5$ per vote♦️
In Brief:
• Veteran trader Peter Brandt predicts Ethereum (ETH) could drop 36% to $1,680, its lowest since October 2023.
• ETH's recent consolidation break and rising wedge pattern suggest a potential bearish trend ahead.
• Brandt states that he has taken a short with a $1,651 target and set a stop loss at $2,961 for risk management.
🔥 Trading veteran Peter L. Brandt has shared a bold forecast for leading altcoin, Ethereum (ETH). In a post on X, Brandt notes that the altcoin’s price will plummet to $1651, a low it last traded at in October 2023.
At press time, ETH trades at $2,627. A drop to $1651 would mean a 36% fall from its current value.
🚀🚀 Ethereum To Drop to Ten-Month Low as Analyst Calls Doom:
According to Brandt, ETH had traded within a rectangle pattern since April. This figure, also known as a horizontal channel, is formed when an asset’s price consolidates within a range for a period.
The upper line of this channel forms resistance, while the lower line forms support. In ETH’s case, the coin faced resistance at $4,000 and found support around $ 2,814 when it traded within the rectangle.
📢 The coin’s consolidation phase ended on August 4, when it dropped below the rectangle pattern’s lower line. After an asset breaks out of a consolidation pattern.
The market veteran also identifies a rising wedge pattern on an intraday chart. This pattern forms when an asset’s price consistently makes higher highs and higher lows, but the gap between them narrows, creating a wedge shape.
🔥🔥🔥 About CARV protocol :
CARV Protocol is a decentralized finance (DeFi) platform that enables users to manage risk and maximize returns through innovative financial instruments and tools.
