Experienced chartist and analyst Peter Brandt, whose analyses tend to get decent air-time in the crypto-finance, made a post about a potentially grim price-trajectory for ETH.
In keeping with his historically negative perspective on Ethereum, the analyst claimed that the price could witness a sharp decline which may see the asset fall to 3-digits.
Noting the rising wedge formation on ETH’s USD chart – a technically bearish patten – Brandt stated that ETH could experience a massive collapse in the days ahead.
The analyst claimed that the first potential target would be $1,000, and the next would be $650.
“Classic formations on the charts are not always going to happen, they do not always perform according to classical formations.
However, if the rising wedge formation in Ethereum continues, the target in ETH is $ 1000, then $ 650.
“I opened a short position on ETH on Friday but I have a stop level.”
Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time
But, if the rising wedge in Ethereum $ETH complies with the script, the target is $1,000, then $650
I shorted ETH on Friday — I have a protective B/E stop pic.twitter.com/76CciT3PE5
— Peter Brandt (@PeterLBrandt) December 18, 2023
Ethereum has forever been on the receiving end of criticism due to its known variable supply issuance and its false advertising as ‘ultra sound money’.
In September, financial censorship concerns rose as OFAC-compliant blocks from increased from 17% to 54%; said blocs have since dropped, but have risen modestly since Dec. 13th according to MEVwatch. Concerns about Tether (USDt) censorship have also been on the rise, with Layer One money protocols such as Litecoin gaining prominence in tandem.
Notably, Peter Brandt is a known Ethereum bear due to its fundamentally incoherent value proposition. Just last week, the analyst compared ETH to ‘a piece of junk’, and stated that Ethereum might not even be listed as an asset in the next ten years.
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