Experienced analyst Peter Brandt, who stands out with his predictions and analyzes in the cryptocurrency market, made a new post about the Ethereum (ETH) price on his Twitter account.
Maintaining a bearish sentiment for Ethereum, the analyst claimed that the ETH price may witness a steep decline and may even drop to a 3-digit figure.
Stating that a rising wedge formation has formed on the ETH price chart at this point, the analyst stated that ETH may experience a major collapse in the coming days.
Stating that the first target for ETH was $ 1000, the analyst said that the next target was $ 650.
“Classic formations on the charts are not always going to happen, they do not always perform according to classical formations.
However, if the rising wedge formation in Ethereum continues, the target in ETH is $ 1000, then $ 650.
“I opened a short position on ETH on Friday but I have a stop level.”
As you may remember, Peter Brandt does not think positively about ETH itself, apart from the price. Because, in his post on Friday, the analyst compared ETH to scrap and stated that Ethereum may not even be a listed asset in the next 10 years.
*This is not investment advice.