Analyst Peter Brandt allows the possibility of the ETH rate to fall to $650

He also said that he opened a short position on the asset as early as December 15

19.12.2023 - 10:05

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2 min

The material is not an investment recommendation and is published for informational purposes only.

What’s new? Trader and analyst Peter Brandt found on the price chart of Ethereum a technical pattern, a “rising wedge,” which traditionally indicates the approach to a reversal in the direction of a bear trend. The expert admitted that in accordance with this pattern, the rate of the largest altcoin may fall to $1000, and then to $650. Moreover, he said that he opened a short position on the asset as early as December 15.

Source: Twitter.com

What else is known? Despite the announced prediction, Brandt also emphasized that patterns on price charts “are not sacred” and in practice do not always work as they should in theory.

Earlier, the analyst said that Ethereum cannot match bitcoin as a store of value. “Why hodl ETH when you can hodl BTC” wondered Brandt, predicting that within a decade the altcoin will stop being listed on exchanges.

“Gas price of ETH make the crypto a piece of junk,” he concluded.

Brandt has been working in the financial markets for more than 40 years. He is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.

Ethereum is up 88% since the beginning of the year and is trading at $2247 as of December 19, 09:30 UTC, having added 1,3% overnight, according to TradingView.

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