Renowned analyst warned of Ethereum price decline

Peter Brandt noted that the value of the asset forms a descending triangle, a pattern that indicates the possibility of further declines

06.06.2022 - 14:15

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What’s new? Renowned trader and analyst Peter Brandt said that the Ethereum price chart demonstrates the possibility of entering the market to make promising measured risk short trades. He published a chart on Twitter, according to which the ETH price movement forms a descending triangle, a trend continuation pattern indicating the possibility of a further decline in the asset’s price. In this, the analyst stressed that he himself is “not ready to dive head first into your crazy NFT” and added that transaction costs on the Ethereum network are very high.

Hey @HelloMoon_ioNot ready to dive head first into your crazy NFT world, but $ETH looks like a good prospect for a measured risk short trade @jonbking pic.twitter.com/7i6kbdgeqv— Peter Brandt (@PeterLBrandt) June 4, 2022

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

Previously, Brandt predicted a decline in the price of bitcoin to $28 000. In his view, this was indicated by the pattern that bitcoin had been forming since mid-February. Brandt noted that the completion of a “bear” channel usually led to a decline equal to its width, and in this case, a drop in price to $32 000 or even $28 000.

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