The overall cryptocurrency market has seen a notable selling pressure following the release of the US CPI data. Amidst this market downturn, legendary and veteran trader Peter Brandt has gained a lot of attention from the crypto community as he shared a bearish outlook for Ethereum (ETH).
Ethereum by Peter Brandt Price Prediction
Peter recently shared a post on X (formerly Twitter) indicating that ETH will break out of a 5-month rectangle pattern on August 4, 2024. However, the current price action indicates that the price is retesting the breakout level, indicating a potential bearish opportunity.
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 on a 4-hour time frame, which indicates a bearish signal for ETH. Based on historical price momentum, there is a high probability that the asset will decline significantly if this pattern breaks.
However, he also shared the target and 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. He also stated:
“I’m not posting this as an attack on ETH, even though I’m not a fan, but to describe how I trade – so ETHernuts, please don’t take it personally. I’m just as likely to go long on a good pattern as I am to short on a good pattern.”
This post on X has received a huge amount of attention, as it was viewed by 47,000 people in just one hour.
Ethereum Price Performance Analysis
At the time of going to press, ETH is trading around $2,660 and has experienced a price jump of 0.3% in the past 24 hours. Meanwhile, the trading volume has increased by 5% in the same period, indicating slightly higher participation from traders. However, ETH’s open interest has decreased by 3.5% in the past 4 hours but has increased by 2% in the past 24 hours.
