Ethereum (ETH) price quickly reversed its 24-hour gains following the US Consumer Price Index (CPI) report, which affirmed easing inflation. The largest altcoin dropped 2.5% alongside Bitcoin price correction below $60,000 after peaking above $61,000 on Wednesday.
Peter Brandt Predicts Ethereum Price Crash
In his latest technical outlook on the assets, Peter Bradt, a renowned trader, pointed at ETH falling to $1,651. Bradt highlighted a five-month rectangle pattern and a rising wedge, both of which reinforce the bearish thesis. Traders can expect a 3:1 profit-to-loss ratio; however, patterns tend to be unreliable, calling for more analysis using key technical indicators.
Ether $ETH
I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade – so ETHernuts, dont take offense. I am as quick to go long on a good pattern as short on a good pattern
1. 5-mo rectangle (my fav pattern) completed Aug 4
2. Retest of BO… pic.twitter.com/h89EAzP7cb
— Pete
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