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Ethereum on shaky ground as top trader turns bearish
looks like a significant correction to further losses. The central theses Ethereum has had a tough week so far, losing almost 300 points in market value. Despite being back above $3,000, ETH remains on shaky ground. Renowned analyst Peter Brandt believes that ETH could dive towards $2,000. Ethereum has broken a critical support barrier, putting its price at risk of a sharp decline. Ethereum Prepared for More Losses Ethereum could be due for another decline. ETH has taken a 16% nosedive following Monday's open alongside other digital assets and traditional markets. …
Ethereum on shaky ground as top trader turns bearish
looks like a significant correction to further losses.
The central theses
- Ethereum hatte bisher eine harte Woche und verlor fast 300 Punkte an Marktwert.
- Obwohl die ETH wieder über 3.000 US-Dollar liegt, bleibt sie auf wackeligen Böden.
- Der renommierte Analyst Peter Brandt glaubt, dass die ETH in Richtung 2.000 Dollar abtauchen könnte.
Ethereum has broken a critical support barrier, putting its price at risk of a sharp decline.
Ethereum prepared for further losses
Ethereum could be due for another decline.
ETH has taken a 16% nosedive following Monday's open alongside other digital assets and traditional markets. The second-largest cryptocurrency by market capitalization fell from an intraday high of $3,346 to a low of $2,805.
Given the magnitude of the downturn, trading veteran Peter Brandt highlighted the possibility that a head and shoulders pattern has emerged on Ethereum's daily chart. The bearish technical formation has been developing since early May as a direct result of ETH price action.
Now that Ethereum has fallen below the head-and-shoulders neckline at $3,000, the odds favor a steeper correction.
Peter Brandt Tweet
Further selling pressure around the current price level could push the price of ETH by another 25% to $2,250.
This target is determined by measuring the height between the head and the neckline of the pattern and adding that distance up from the breakout point.
Whales sell on weak support
Behavioral analytics platform Santiment shows that whales are spending while Ethereum sits on weak support.
The number of addresses holding 100,000 to 1,000,000 ETH has decreased by more than 3.3% since September 17th. Since then, about five whales have left the network or redistributed their token, adding even more credibility to the bearish outlook Brandt explained.
On-chain datashowsthat a large number of addresses purchased a significant amount of Ethereum for $3,500. If ETH manages to reclaim this resistance level as support, it could have the strength to invalidate the pessimistic scenario and advance further.
Under such unique circumstances, ETH would likely rise to retest its mid-May all-time high of $4,385.