Veteran trader Peter Brandt believes that Ethereum, the world’s second-biggest cryptocurrency, could be in a for a significant correction
Longtime trader Peter Brandt shared a bearish warning regarding Ethereum (ETH), the second largest cryptocurrency, on March 4.
His chart shows a symmetrical triangle in the making. This is a bearish chart formation with two converging trendlines that are moving closer to each other as the market keeps making a series of higher lows and lower highs.
Scornfully addressing millennial traders, who he says live in “their mom’s basement,” Brandt urges them to remind him of the bearish call three years from now.
Cheds, a popular cryptocurrency trader and analyst, has agreed with Brandt’s analysis. He adds that “nothing will survive” in the short term if Bitcoin, the largest cryptocurrency breaks, below $40,000. The crypto king is down 5.25% over the past 24 hours, slipping below the $41,000 level.
Some, however, were quick to point out Brandt’s questionable track record when it comes to cryptocurrency price predictions. Some of his predictions were “terribly wrong”.
Earlier today, the Ethereum price slipped to $2,660 on the Binance exchange, the lowest level since Feb. 28. It is down 44.92% from the record peak.
As reported by U.Today, Brandt recently argued against holding Bitcoin, arguing that it’s usually relatively easy to spot its market cycle highs and avoid a potential 80% correction.
