The famous analyst, who has been trading since the era of traditional finance, talked about Ethereum price. Peter Brandt says that a disaster is imminent for the leading altcoin ETH. Accordingly, disaster will happen if the new model of Ethereum is not canceled.
Leading altcoin ETH heading towards disaster?
Veteran commodity trader Peter Brandt, who has been trading since the 1970s, used his Twitter account to share a classic chart. The analyst’s target this time was the leading altcoin Ether. Accordingly, Brandt stated that Ether will experience a disaster with the new upgrade.
Analyst sees this on the chart, possibly decreasing connected to a pattern that could be a triangle. He stated that this is a negative pattern and can have devastating consequences if not resolved immediately. In fact, this is a graph that really deserves attention. This is because the descending triangle usually means that the downside momentum is increasing and the price of the coins will soon break to the downside.
Analyst’s previous prediction of Ethereum turned out to be correct
The veteran trader said in early March that a major correction was coming to hit Ethereum, which was trading in the $2,900 region at the time. Since then, the leading altcoin has dropped as low as $1,700. Accordingly, Ether followed the decline of Bitcoin with the Fed’s rate hike at the beginning of May. Also, this was followed by the collapse of the LUNA and UST cryptocurrencies in the Terra ecosystem. As it is known, the Terra network suffered greatly and lost most of its value. Additionally, one of the cryptocurrencies most affected by the Terra event was Ether.
Short positions liquidated in the leading altcoin market
ETH started an attempt to break above $1,810 to $1,900 yesterday. However, things did not go as expected. Accordingly, the crypto market has witnessed a staggering liquidation of approximately $666 million worth of ETH shorts. Also, most of the liquidated assets settled on Bitfinex, a popular cryptocurrency exchange. Now, Ether has dropped below the low where it started its attempt yesterday. At the time of writing, Ethereum is trading in a price band of $1,750. The leading altcoin has lost 8% in the last 24 hours.
Peter Brandt’s Bitcoin predictions
As we reported as Kriptokoin.com, Peter Brandt posted a tweet about Bitcoin last month due to the Fed’s rate hike. At that time, Bitcoin had fallen below $27,000. Brandt said in his post that $27,000 is a new local low for BTC. The famous analyst was confident that the increase in Bitcoin’s volume meant that traders had surrendered. Additionally, at the time of writing, the leading cryptocurrency was hovering around $29,514.
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