Peter Brandt Predicts Ethereum Could Drop to $800
Peter Brandt, a veteran trader, has issued a bearish outlook on Ethereum. He identified a head and shoulders pattern on Ethereum’s long-term price chart, indicating a potential downtrend.
- Key level: $1,500. A break below this level may confirm the bearish pattern.
- Potential decline target: $800, a level not seen since mid-2022.
- This scenario could lead to significant corrections and affect investor confidence.
- Despite recent strength in Ethereum due to ETF approval optimism, Brandt's warning highlights possible risks.
- Market participants are monitoring the $1,500 support zone closely.
A bounce at this level could invalidate the bearish setup, while a breakdown may trigger a steep drop as predicted by Brandt.