Ethereum Could Reach $1,651 According to Peter Brandt’s Forecast

The recent cryptocurrency market has witnessed significant selling pressure following the release of the United States CPI data. In light of this market downturn, veteran trader Peter Brandt has garnered attention within the crypto community by sharing a bearish perspective on Ethereum (ETH).

Peter Brandt recently took to X (previously Twitter) to highlight that ETH broke down a 5-month rectangle pattern on August 4, 2024. However, the current price movement suggests that the price is revisiting the breakdown level, presenting a potential opportunity for a bearish trade.

Moreover, Peter Brandt provided an intraday analysis of ETH, pointing out a bearish rising wedge price action pattern on a 4-hour timeframe. This pattern typically indicates a bearish signal for ETH, with a historical tendency for significant downward movements upon its breakdown.

In his analysis, Peter Brandt outlined the target and stop-loss levels for a bearish ETH trade, emphasizing a 3:1 risk-to-reward ratio. The target for this bearish trade is set at $1,651, while the stop-loss level is positioned at $2,961. Additionally, he clarified his intentions behind the post, stating that it was not meant to criticize ETH but rather to illustrate his trading approach.

The post on X quickly gained traction, amassing 47k views within just one hour, reflecting the community’s interest in Peter Brandt’s insights on Ethereum. At the time of reporting, ETH is hovering around $2,660, registering a modest 0.3% price increase in the past 24 hours. The trading volume for ETH has seen a 5% uptick during the same period, suggesting heightened trader activity.

However, ETH’s open interest has declined by 3.5% over the last 4 hours but has shown a 2% rise over the past 24 hours, indicating fluctuating market dynamics. The evolving price-performance of Ethereum continues to capture the attention of market participants and analysts alike.

In conclusion, Peter Brandt’s technical analysis and price predictions for Ethereum underscore the ongoing volatility and trading opportunities within the cryptocurrency market, particularly amidst the current market conditions influenced by external economic data.