Trader Peter Brandt predicted the Ethereum rate to fall to $300

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

What’s new? Trader and analyst Peter Brandt believes that Ethereum could face a 70% devaluation from current prices. According to him, the value of the asset could drop to the $300 mark.

The chart suggests a target of $300. Targets are not sacred -- sometimes they are hit, sometimes not, sometimes exceeded. But for now I would not buy $ETH with my enemy's money $ETH pic.twitter.com/syZvhGxve2— Peter Brandt (@PeterLBrandt) June 18, 2022

What else does Brandt say? He explained that the price of Ethereum, having formed a head and shoulders pattern on the chart, continued to decline, and could fall to $300 in the future. However, Brandt added:

“The chart suggests a target of $300. Targets are not sacred – sometimes they are hit, sometimes not, sometimes exceeded. But for now, I would not buy ETH with my enemy’s money ETH.”

When Ethereum was trading above $1 700, Brandt stated that the asset was forming a descending triangle, a trend continuation pattern indicating the possibility of further price declines.

As of June 20 at 3:00 UTC, Ethereum is trading at $1142, according to Binance.

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

At the end of May, Peter Schiff, head of Euro Pacific Capital and chairman of the SchiffGold investment fund, predicted that Ethereum would fall to a low of $1 000.