Peter Brandt Predicts Bearish Trend for Ethereum
Cryptocurrency markets are currently facing pressure following the release of US CPI data. Prominent trader Peter Brandt has raised concerns about Ethereum (ETH), predicting a significant price drop. Brandt has identified bearish trends in technical indicators that have garnered attention within the crypto community.
Brandt’s Analysis of Ethereum’s Price Patterns
Peter Brandt highlighted a bearish scenario for Ethereum based on recent technical patterns. He noted that on August 4, 2024, ETH broke out of a five-month rectangular pattern, indicating a potential bearish trade. Brandt also pointed out a bearish rising wedge on the 4-hour chart, suggesting a possible price decline towards $1,651 with a stop at $2,961.
Ethereum Market Activity and Brandt’s Insights
Currently, Ethereum is trading around $2,660, showing a 1.81% decline in the past 24 hours. Despite a 5% increase in trading volume, open interest in Ethereum has decreased by 3.5% in the last four hours. Brandt’s analysis, which quickly gained traction in the cryptocurrency space, emphasizes that his trading decisions are based on technical patterns rather than personal bias towards the asset.
Also read: Peter Brandt Discovers Potential Bitcoin Layout in Expanding Triangle
