Ethereum

Based

2024

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Well-known crypto market analyst Peter Brandt has issued a warning about&nbsp;<a href="https://u.today/ethereum-etfs-see-24-million-inflows-analyst-eyes-price-rally" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> that has investors worried. Brandt, who is known for his more than 40 years of expertise in technical analysis, has spotted a series of patterns on the altcoin's chart that suggest a potential price crash.
Brandt's outlook suggests the completion of a five-month rectangle pattern, followed by a retest of the breakout point. In addition, he has seen a rising wedge formation forming on the intraday chart.&nbsp;
Based on this, Brandt announced that he is going short on&nbsp;<a href="https://u.today/ethereum-eth-gas-fee-catastrophe-whats-happening" rel="noopener noreferrer nofollow">Ethereum</a>, with a price target of $1,651. This suggests that there could be a very painful 40% drop from the current market level of around $2,700.
<blockquote>
 Ether <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>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, dont take offense. I am as quick to go long on a good pattern as short on a good pattern1. 5-mo rectangle (my fav pattern) completed Aug 42. Retest of BO… <a href="https://t.co/h89EAzP7cb" rel="noopener noreferrer nofollow">pic.twitter.com/h89EAzP7cb</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1823728741983326300?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 14, 2024</a>
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<h2 dir="ltr" id="but-there-s-a-but">But, there's a but</h2>
At the same time, however, Brandt points out that it is still hard to predict whether the patterns will play out exactly as he sees them, if at all. Sometimes they do not work out the way you think they will, he warns.
His pessimistic prediction has gotten people talking in the crypto community, as investors ponder whether there is indeed a chance for a major price correction.
It is worth noting that while Brandt's outlook is based on technical analysis rather than personal opinion, he has his own history with the largest altcoin.
It is no secret that the trader does not put Ethereum on the same level as&nbsp;<a href="https://u.today/rich-dad-poor-dad-author-kiyosaki-predicts-worlds-worst-market-crash" rel="noopener noreferrer nofollow">Bitcoin</a>, thinks it is nothing more than garbage and has publicly shorted it before. However, this attempt to short the asset did not go as planned.

Ethereum to Crash? Veteran Trader Bets Peter Brandt Big on $1,651 ETH

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