As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market swings and trends. And while I respect the insights of legendary traders like Peter Brandt, I take his latest bearish call on Ethereum with a grain of salt.
Expert Peter Brandt, known for his trading prowess, has brought Ethereum (ETH) back into the limelight with another potential bearish prediction for the digital currency.
More Ethereum Drawdown In View?
Ethereum’s current on-chain performance is less than ideal. At present, the coin is priced at $3,520.37, representing a 3.96% decrease from its previous value. The broader market has caused this dip. Over the past week, Ethereum’s price has dropped by 6.81%. However, it’s important to note that in the last month, Ethereum has experienced a significant surge of approximately 20%.
In the monthly chart presented by Peter Brandt, there’s a debatable heads-and-shoulders top formation. For clarification, this is a technical pattern indicating a shift from bullish to bearish trends. The heads-and-shoulders setup includes three peaks, with the middle one being noticeably higher than the others.
This is# an arguable head and shoulders top. I do NOT short cryptos
— Peter Brandt (@PeterLBrandt) June 11, 2024
Based on the current downtrend, Peter Brandt cautions that Ethereum’s price could dip even lower than its recent low of $2,863.54 according to CoinMarketCap data, in the imminent future.
If Peter Brandt’s predicted trend reversal occurs, $3,000 and $2,800 will serve as significant support levels to monitor in Ethereum. However, it’s important to keep in mind that Ethereum faces more urgent issues at the moment. Although the US SEC has given its approval for a spot Ethereum ETF, trading for the related products has yet to begin.
As a researcher, I’ve noted that the regulatory approval for the coast has been secured, but apprehensions about potential liquidity issues persist. With the influx of billions in net investments into the Spot Bitcoin ETF, the question arises as to whether Ethereum can carve out a comparable share in this market trend.
What Comes Next for the Coin
As a crypto investor, I’ve noticed a significant downturn in Ethereum’s price over the past week. This bears (no pun intended) watching as it could potentially mark the beginning of a transformative period in Ethereum’s history.
Indications suggest that at least one Ethereum ETF applicant may receive feedback on their S-1 registrations this week. The specifics of the ongoing negotiations behind the scenes remain undisclosed, but market analysts are hopeful about the prospect of these applications being approved in the future.
If the bullish predictions come to pass, Ethereum could experience a significant price surge, going against the generally subdued anticipation of Peter Brandt. Despite his longstanding skepticism towards Ethereum, Brandt has recently stated on social media platform X that he doesn’t engage in shorting cryptocurrencies. This puts him in a somewhat advantageous position should Ethereum take an unexpected turn for the better.
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2024-06-11 17:35