Ethereum

2024

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Legendary trader&nbsp;<a href="https://x.com/PeterLBrandt/status/1800502691552014349" rel="noopener noreferrer nofollow">Peter Brandt</a> has recently updated his outlook on the&nbsp;<a href="https://u.today/polygon-outshines-ethereum-in-key-network-metric" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> price chart, highlighting a worrying pattern. Thus, Brandt has identified a controversial head-and-shoulders top formation, which is typically seen as a bearish indicator, suggesting that the price may soon fall.&nbsp;
This pattern usually signals a reversal from a bullish trend to a bearish one, often resulting in a significant drop in price.
Despite identifying this bearish pattern, Brandt stressed that he is not short on cryptocurrencies. This is particularly interesting given that just a month ago, in early May, Brandt announced that he was officially short on&nbsp;<a href="https://u.today/ethereum-eth-faces-bearish-phase-as-futures-traders-aggressively-sell" rel="noopener noreferrer nofollow">Ethereum</a> futures.&nbsp;
However, at that time, he made it clear that he refrains from shorting the spot market due to counterparty risk and always uses stop-loss orders to manage his risk.
<blockquote>
 This is# an arguable head and shoulders top. I do NOT short cryptos <a href="https://t.co/gjC0OPoJm3" rel="noopener noreferrer nofollow">pic.twitter.com/gjC0OPoJm3</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1800502691552014349?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 11, 2024</a>
</blockquote>
Brandt's current stance seems to be a shift from his previous position. While he is now signaling a potential bearish trend, the price of ETH has continued to rise. Currently trading at $3,500, the altcoin has seen a significant increase from its price a month ago, when it was trading at less than $2,900.
The head and shoulders top pattern highlighted by Brandt could be a critical warning for traders and investors. If the pattern holds true, the&nbsp;<a href="https://u.today/ethereum-generated-more-revenue-than-robinhood-and-etsy-in-q1" rel="noopener noreferrer nofollow">price of Ethereum</a> could face a downturn in the near future. However, the market's recent behavior suggests a complex scenario, where traditional chart patterns and market sentiment are not entirely in tune.

Legendary Trader Peter Brandt Issues Crucial Warning as Ethereum Price Eyes Dump

U_Today

Other articles published on Jun 11, 2024

The Next Big Altcoins: Analysts Reveal Their Top Picks for 2024: Bitgert, Ethena, Render, Dogwifh...

Power Trio Alert: TON, ADA, & BNB Rise as Top 3 Cryptos to Keep on Your Radar This Week

Is Ethereum’s Price Under Pressure? Here Is What Futures Data Signals

Bloodbath in Bitcoin and Altcoins Before FED: 185 Million Dollars Evaporated!- Analyst Warned: “T...

Mark Cuban Says Crypto Could Tip The Scale In Favor Of Trump In 2024 Election Despite Ex-Presiden...

Figure Markets Launches New FTX Claims Trading Platform

Join our free newsletter for daily crypto updates!