Ethereum Price Could Crash Significantly According to Crypto Expert

Ethereum's price has risen 25% from its low of $2,112 on August 5, but veteran trader Peter Brandt is predicting a potential drop to around $1,650.

Brandt’s forecast follows a period of increased value for Ethereum, which saw a 13% rise over the past week. Despite this, experts are cautious about future performance. Arete Capital’s McKenna doubts Ethereum will break through the $2,800-$2,900 range in August and September, noting recent resistance at $2,800.

I don’t really expect $ETH to break above $2800-2900 but rather remain range bound for August and some of September.

There has been a substancial mean reversion but now price is trading close to supply. Not somewhere I would have high conviction being directly long.

But… pic.twitter.com/2RhKcXpX50

— McKenna (@Crypto_McKenna) August 14, 2024

Brandt identifies two scenarios based on chart patterns: the first suggests a potential exit if Ethereum exceeds $2,960, while the second indicates a likely decline to $1,650 if the rising wedge pattern holds. He notes that Ethereum recently dropped below the lower boundary of a key pattern, and is now retesting this level.

Brandt’s analysis includes a rising wedge pattern on shorter timeframes, which typically signals a downturn. He has initiated a short position targeting $1,651 and plans to exit if the price exceeds $2,961.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.