Peter Brandt, Ethereum He shared a rather pessimistic price target for (ETH), stating that ETH could fall as low as 650.
Peter Brandt’s prediction is in line with his known negative views for ETH, despite it currently being the second largest digital currency in the industry after Bitcoin.
At the time of writing, Ethereum was trading at $2,236.02, up 4.37% in the last 24 hours, and its market cap was around $268,605,808,266. Peter Brandtpredicts that the ETH price could drop to $1000 and in the worst-case scenario to $650, which means an average drop of 244%.
Peter Brandt declared an “Ethereum short” position on Friday to show his confidence in his predictions. He believes that classic chart formations that follow price movements are not infallible as they do not always perform according to the books.
Pointing to the chart in his article, Brandt said, if the rising wedge on the ETH chart aligns with the scenario, altcoinHe stated that there is a chance of falling to the level he predicted.
Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time
NEWS CONTINUES BELOWBut, if the rising wedge in Ethereum $ETH complies with the script, the target is $1,000, then $650
I shorted ETH on Friday — I have a protective B/E stop pic.twitter.com/76CciT3PE5
— Peter Brandt (@PeterLBrandt) December 18, 2023
The chart presented shows a triangle with a wedge hypotenuse formed from May 2022 until today. Ethereum recorded two different highs and lows during this period, $1,086.38 and $2,401.76 respectively. This low point has not been recorded in the past year, and the likelihood of an isolated catastrophic drop below $1,000 seems low given the current sentiment in the market today.
On the other hand, the price has grown by 87% since the beginning of the year and maintained its upward outlook. However, Peter Brandt continues to ignore these positive developments.