Cryptocurrency traders are worried about the Ethereum (ETH) price falling to $1640 due to the dangerous situation in the market.

The ETH price chart shows a negative bearish flag pattern, indicating a high probability of a downward trend. If sellers manage to consolidate below the lower line of the flag, which is around $2,540, the Ethereum price may fall to $1,640, thus decreasing by 36% from the current value.

Bearish Flag on Ethereum Price Chart

Renowned analyst Peter Brandt has made two predictions for the ETH price change, suggesting:

The coin's value has increased to $4000;

The collapse of the Ethereum rate to $1645.

Brandt noted that over the past five months, the ETH price has been fluctuating within the rectangle, but in early August it went beyond its lower limit due to a powerful dump. Therefore, in his opinion, if the bulls manage to consolidate above the resistance barrier of $2814 and the Ethereum price exceeds $2961, the cryptocurrency will rise in price to $4000. Otherwise, the digital asset will fall in price to $1645. Peter considers the second option more likely.

Resistance and support barriers on the Ethereum chart published by Brandt#MarketDownturn #binance #Ethereum #Bitcoin $ETH