Peter Brandt Predicts Ethereum Price Drop as ETH Falls Out of Rectangle Pattern

The cryptocurrency market has come under pressure due to the recent release of the U.S. CPI data. During this bear market, the famous trader Peter Brandt has warned that Ethereum (ETH) could see a significant price decline.

Cryptocurrency markets faced pressure after the recent release of U.S. CPI data. In this bear market, renowned trader Peter Brandt has warned that Ethereum (ETH) could see a significant price decline. He highlighted a bearish trend that has recently grabbed the crypto community’s attention.

Brandt’s analysis, which is based on technical indicators, suggests that ETH could be up for a round of bearish trades. According to his observation, on August 4, 2024, ETH fell out of a five-month rectangle pattern. The price is currently testing the breakdown level, which might indicate a bearish trade.

Moreover, Brandt examined Ethereum’s price movement on a 4-hour chart and identified a bearish rising wedge. Historically, if this pattern breaks down, it has foreshadowed a significant price drop. As Brandt’s analysis shows, this could have traders keeping an eye on a potential ETH bearish setup at $1,651 with a stop-loss at $2,961.

At the time of writing, Ethereum is trading at around $2,660, having seen a 1.81% decline in the last 24 hours. This fall is coupled with a 5% rise in trading volume, suggesting increased trader engagement. However, Ethereum’s open interest has decreased by 3.5% in the past four hours, while it has increased by 2% within the past 24 hours.

Brandt’s insights and forecasts have been striking a chord with the crypto audience as his post on X garnered 47k views in one hour. Nevertheless, he clarified that this is a technical view, not a personal attack on Ethereum. He added that he is prepared to execute both long and short trades depending on the formations he observes on the asset, irrespective of his feelings towards the asset.