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Ethereum
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August 15, 2024

Ethereum Forming a Bearish Setup, According to Veteran Trader Peter Brandt – Here Are His Targets

By Daily Hodl Staff

Seasoned trader Peter Brandt is warning that Ethereum (ETH) may be forming a bearish setup that could send it plummeting below $2,000.

Brandt tells his 735,500 followers on the social media platform X that Ethereum is potentially forming a rising wedge pattern on the four-hour chart.

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A rising wedge pattern is typically considered a bearish signal, indicating more downside price action after a bounce.

“I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade. So ETHernuts, don’t take offense. I am as quick to go long on a good pattern as short on a good pattern.

1. Five-month rectangle (my favorite pattern) completed August 4th.

2. Retest of breakout line [August 14th].

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3. Rising wedge on intraday chart.

Measured risk short. Move above $2,961 and I cut and run. Target is $1,651, so trade is a 3+ to 1 risk-reward ratio. Patterns fail to deliver implications well more than 50% of the time. I am never insulted when I am wrong. In fact, my assumption on every trade is that I will take a loss.”

Source: Peter Brandt/X

Brandt also recently shared chart that indicates smart contract platform Solana (SOL) will decisively outperform its rival Ethereum (SOL/ETH) in the coming months and noted the trend may continue due to key differences between the two networks.

“In the battle between SOL and ETH it was inevitable there would be a clear winner. ETH: cumbersome, expensive, flawed, claims to be decentralized when it’s not. SOL: user friendly, great foundation. SOL should gain 100% on ETH in months ahead.”

Source: Peter Brandt/X

Ethereum is trading for $2,667 at time of writing, down slightly in the last 24 hours.

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