The overall cryptocurrency market has experienced notable selling pressure following the release of the United States CPI data. Amid this market downturn, the legendary and veteran trader Peter Brandt has gained significant attention from the crypto community as he shared a bearish outlook for Ethereum (ETH).
Peter Brandt’s Ethereum Price Prediction
Recently, Peter shared a post on X (previously Twitter) stating that ETH breaks down a 5-month rectangle pattern on August 4, 2024. However, the current price action indicates that its price is retesting the breakdown level, which signals a potential opportunity for bearish trade.
Ethereum Technical Analysis by Legendary Peter Brandt
Additionally, Peter shared an intraday analysis of ETH. In a post on X, he added that ETH is experiencing a bearish rising wedge price action pattern in a 4-hour time frame, indicating a bearish signal for ETH. Based on historical price momentum, whenever this pattern breaks down, there is a high possibility that the asset will plunge significantly.
However, he also shared the target and the stop-loss for ETH with a 3:1 risk-to-reward ratio. According to Peter, the target for this bearish trade is $1,651 and the stop-loss is at the $2,961 level. Apart from this he also stated,
“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.”
This post on X has gained massive attention as it got a view of 47k in just one hour.
Ethereum Price-Performance Analysis
At press time, ETH is trading near $2,660 and has experienced a price jump of 0.3% in the last 24 hours. Meanwhile, its trading volume has increased by 5% during the same period, indicating slightly higher participation from traders. However, ETH’s open interest has dropped by 3.5% in the last 4 hours but increased by 2% over the last 24 hours.
