Ethereum

<ul class="wp-block-list news-points"> 
 <li>Crypto trader-analyst Peter Brandt warns of a potential ETH price crash, citing bearish chart patterns. </li> 
 <li>Brandt has initiated a short position on ETH with a target price of 1651, aiming for a 3:1 risk-reward ratio. </li> 
 <li>While Brandt is bearish, other analysts remain optimistic about Ethereum’s long-term prospects.</li> 
</ul>   
Crypto analyst Peter Brandt on X has warned Ethereum traders of a further price decline. He believes that the recent price action is&nbsp; indicative of a potential downward trend.&nbsp;   
Brandt, in a post on X,<a href="https://x.com/PeterLBrandt/status/1823728741983326300" target="_blank" rel="nofollow"> highlighted</a> two bearish chart patterns. First is the formation of a rising wedge on the intraday chart, a bearish pattern that often precedes a price reversal.   
The expert analysis also points to a completed 5-month rectangle pattern, which he considers his favorite pattern, on August 4th. The subsequent retest of the breakout level today indicates a potential weakness in the bullish momentum. He notes,&nbsp;   
<blockquote class="wp-block-quote">
  
 “I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade,” Brandt clarified in his tweet. “So, ethernuts, don’t take offense. I am as quick to go long on a good pattern as short on a good pattern.” …
</blockquote>
The post <a href="https://coinedition.com/eth-bloodbath-incoming-top-trader-bets-big-against-ethereum/">ETH Bloodbath Incoming? Top Trader Bets Big Against Ethereum</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

ETH Bloodbath Incoming? Top Trader Bets Big Against Ethereum

Coin Edition

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