• Crypto trader-analyst Peter Brandt warns of a potential ETH price crash, citing bearish chart patterns.
• Brandt has initiated a short position on ETH with a target price of 1651, aiming for a 3:1 risk-reward ratio.
• While Brandt is bearish, other analysts remain optimistic about Ethereum’s long-term prospects.

Crypto analyst Peter Brandt on X has warned Ethereum traders of a further price decline. He believes that the recent price action is  indicative of a potential downward trend. 

Brandt, in a post on X, highlighted two bearish chart patterns. First is the formation of a rising wedge on the intraday chart, a bearish pattern that often precedes a price reversal.

The expert analysis also points to a completed 5-month rectangle pattern, which he considers his favorite pattern, on August 4th. The subsequent retest of the breakout level today indicates a potential weakness in the bullish momentum. He notes, 

“I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade,” Brandt clarified in his tweet. “So, ethernuts, don’t take offense. I am as quick to go long on a good pattern as short on a good pattern.”

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The post ETH Bloodbath Incoming? Top Trader Bets Big Against Ethereum appeared first on Coin Edition.

• Crypto trader-analyst Peter Brandt warns of a potential ETH price crash, citing bearish chart patterns.
• Brandt has initiated a short position on ETH with a target price of 1651, aiming for a 3:1 risk-reward ratio.
• While Brandt is bearish, other analysts remain optimistic about Ethereum’s long-term prospects.

Crypto analyst Peter Brandt on X has warned Ethereum traders of a further price decline. He believes that the recent price action is  indicative of a potential downward trend. 

Brandt, in a post on X, highlighted two bearish chart patterns. First is the formation of a rising wedge on the intraday chart, a bearish pattern that often precedes a price reversal.

The expert analysis also points to a completed 5-month rectangle pattern, which he considers his favorite pattern, on August 4th. The subsequent retest of the breakout level today indicates a potential weakness in the bullish momentum. He notes, 

“I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade,” Brandt clarified in his tweet. “So, ethernuts, don’t take offense. I am as quick to go long on a good pattern as short on a good pattern.”

…

The post ETH Bloodbath Incoming? Top Trader Bets Big Against Ethereum appeared first on Coin Edition.