in 2018 BTC crashAn experienced trader who has become quite famous among the crypto community after accurately predicting the leading smart contract platform Ethereum (ETH) expressed his concerns about
Peter Brandt told 645,700 Twitter followers that Ethereum had a downtrend similar to that of Bitcoin in 2018, resulting in a BTC crash. descending triangle He said that this is a continuation pattern that expresses more downside risks for ETH.
“Crazy NFT yet [non-fungible token] I’m not ready to step into your world, but ETH seems to have promising potential for low-risk short trading… ETH is a trashy cryptocurrency. It is computationally expensive and time consuming. Those promoting new versions are still waiting for the Hindenburg* to be rebuilt.”
Looking at the trader’s chart, it seems that a bearish pattern could emerge if Ethereum breaks the support around $1750.
Brandt is not the only popular analyst to be bearish on Ethereum. Crypto strategist Cantering Clark also warned his 134,600 Twitter followers that ETH appears poised for a sharp decline as it has traded well below the cross support that has kept the market bullish since March 2021.
“Had I not thought this time was a little different, I would have looked at this ETH chart and thought, ‘Big ships turn slow but don’t stop easily.’ According to the long-term indicators, this fact could be the start of the downside momentum.”
Meanwhile, another crypto strategy, Credible, is also looking closely at ETH’s performance against Bitcoin (ETH/BTC). According to Credible, the ETH/BTC pair looks set to lose more than 41 percent of its value at the current price of 0.060 BTC at $1,785.
“ETH/BTC continues to bleed and has met my goal that I outlined almost four months ago. However, BTC has not even started its fifth wave yet, so I expect ETH/BTC to drop further once BTC takes the market out of this correction and into its big fifth wave. Below is a revised target.”
Credible is known as a Bitcoin bull who predicts that BTC will set an all-time high this year (wave five) and outperform most altcoins in the early stages of the rally.
Ethereum (ETH), the second largest cryptocurrency, is trading at $1,798, up nearly 2% in the last 24 hours, while Bitcoin is at 29,857.
*Hindenburg disaster: Air crash on May 6, 1937, at the Lakehurst naval airbase in New Jersey, when the largest airship Hindenburg caught fire in 36 seconds, killing 36 of the 97 people (36 passengers and 61 crew members) inside the airship.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.