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Ethereum Price Could Crash Significantly According to Crypto Expert

Ethereum Price Could Crash Significantly According to Crypto Expert

Cryptodnes2024/08/16 15:54
By:Cryptodnes

Ethereum's price has risen 25% from its low of $2,112 on August 5, but veteran trader Peter Brandt is predicting a potential drop to around $1,650.

Brandt’s forecast follows a period of increased value for Ethereum , which saw a 13% rise over the past week. Despite this, experts are cautious about future performance. Arete Capital’s McKenna doubts Ethereum will break through the $2,800-$2,900 range in August and September, noting recent resistance at $2,800.

Brandt identifies two scenarios based on chart patterns: the first suggests a potential exit if Ethereum exceeds $2,960, while the second indicates a likely decline to $1,650 if the rising wedge pattern holds. He notes that Ethereum recently dropped below the lower boundary of a key pattern, and is now retesting this level.

Ethereum Price Could Crash Significantly According to Crypto Expert image 0

Brandt’s analysis includes a rising wedge pattern on shorter timeframes, which typically signals a downturn. He has initiated a short position targeting $1,651 and plans to exit if the price exceeds $2,961.

READ MORE:
Ethereum May Be Nearing a Bottom Against Bitcoin, Analyst Suggests

Recent data from Glassnode shows that while Ethereum’s funding rates have been positive in 2024, a recent price drop has led to a decrease in these rates, reflecting a shift in market sentiment towards bearishness.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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