Veteran Trader Says Ethereum Will Drop Over 75% To $650: 'Price Charts Are Not Sacred'
Portfolio Pulse from Mehab Qureshi
Veteran commodities trader Peter Brandt predicts a significant drop in Ethereum (ETH) price, suggesting it could fall over 75% to $650. He notes that classical chart patterns, like the rising wedge currently seen in Ethereum's chart, are not always reliable but can indicate potential price targets. Brandt has shorted ETH and set a protective break-even stop. He also criticizes Ethereum for high transaction fees and questions its long-term viability as an asset.
December 19, 2023 | 1:00 pm
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Peter Brandt predicts Ethereum could plummet over 75% to $650 based on classical chart patterns. He has shorted ETH and expressed skepticism about its future due to high gas fees and doubts about its long-term listing.
Brandt's prediction of a significant price drop for Ethereum is based on his interpretation of chart patterns and his bearish view on the cryptocurrency's fundamentals. His public short position and critical comments could influence market sentiment and potentially lead to a short-term decrease in ETH's price.
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