Ethereum
Legendary Trader Peter Brandt Issues Crucial Warning As Ethereum Price Considers Dumping
Gamza Khanzadaev
Popular Trader Peter Brandt Issues Crucial Warning About Dangerous Ethereum Price Downtrend
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Legendary Trader Pierre Brandt recently updated its outlook on the Ethereum (ETH) price chart, highlighting a worrying trend. Thus, Brandt identified a controversial head and shoulders top formation, which is generally considered a bearish indicator, suggesting that the price may soon decline.
This trend typically signals a reversal from an uptrend to a downtrend, often resulting in a significant price decline.
Despite identifying this bearish trend, Brandt stressed that there is no shortage of cryptocurrencies. This is particularly interesting given that just a month ago, in early May, Brandt announced that he was officially out of Ethereum eventually.
However, at the time it made it clear that it refrained from shorting in the spot market due to counterparty risk and always used stop-loss orders to manage its risk.
Brandt’s current position appears to be a change from his previous position. While now signaling a potential downtrend, the price of ETH has continued to rise. Currently trading at $3,500, the altcoin has seen a significant increase from its price a month ago when it was trading below $2,900.
The superior head and shoulders pattern highlighted by Brandt could serve as a critical warning for traders and investors. If the model is true, the Ethereum price could experience a slowdown in the near future. However, recent market behavior suggests a complex scenario, in which traditional chart patterns and market sentiment are not entirely in sync.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.