Peter Brandt expects Ethereum to crash well below $1,000 and revisit the 2022 low
Old-school commodity trader Peter L. Brandt, who has been in the business since the mid-1970s, has stirred the crypto community with his recent tweet, where he predicts Ethereum to nosedive to a 2022 low of $800.
Brandt shared a chart, which clearly demonstrates the way he expects Ethereum price trajectory to go from the current trading point. The chart shows a descending triangle pattern which usually predicts further and deeper price declines. Over the past year, the second largest cryptocurrency has already displayed a massive 46% decline. Since Wednesday, when $ETH $ crashed by 4%, following Bitcoin down after the Fed Reserve’s announcement about maintaining the current interest rates, it has recovered by 3.56% and is changing hands at $1,601. When Brandt published his chart, ETH traded at $1,587 per coin.
Peter Brandt on X