A widely followed crypto analyst is issuing a warning about the second-largest digital asset by market cap.
Veteran trader Peter Brandt warns his 707,300 followers on the social media platform X that top altcoin Ethereum (ETH) could soon see an epic crash that sends it below $700.
“Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time.
But, if the rising wedge in Ethereum complies with the script, the target is $1,000, then $650.
I shorted ETH on Friday — I have a protective B/E stop.”
When questioned by a follower if the pattern Brandt characterized as a rising wedge was not interpreted as an ascending triangle, a typically more bullish technical analysis pattern, Brandt offers further insight into his technical analysis process.
“1. I did consider (and still might consider) the ascending triangle interpretation.
2. When in doubt on a pattern I look at [the] closing price line chart – in this case, a wedge.
3. Too many on Twitter are calling this an ascending triangle – my contrarian tendencies.
4. Super low risk shorting set up.”
With ETH currently worth $2,156 at time of writing, a fall to $650 would represent a nearly 70% decline for the leading smart contract platform.
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Author: Daily Hodl Staff
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