A widely followed crypto analyst is issuing a warning about the second-largest digital asset by market cap.
Veteran trader Peter Brandt warns his 707,300 followers on the social media platform X that top altcoin Ethereum (ETH) could soon see an epic crash that sends it below $700.
“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 complies with the script, the target is $1,000, then $650.
I shorted ETH on Friday — I have a protective B/E stop.”
When questioned by a follower if the pattern Brandt characterized as a rising wedge was not interpreted as an ascending triangle, a typically more bullish technical analysis pattern, Brandt offers further insight into his technical analysis process.
“1. I did consider (and still might consider) the ascending triangle interpretation.
2. When in doubt on a pattern I look at [the] closing price line chart – in this case, a wedge.
3. Too many on Twitter are calling this an ascending triangle – my contrarian tendencies.
4. Super low risk shorting set up.”
With ETH currently worth $2,156 at time of writing, a fall to $650 would represent a nearly 70% decline for the leading smart contract platform.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/CYB3RUSS
