Ethereum In Potential Bearish Quagmire: Peter Brandt

Updated:

Veteran trader Peter Brandt has warned of an impending bearish signal on Ethereum (ETH) in a chart analysis posted earlier today. His chart highlighted a potential symmetrical triangle, which is a recognized bearish technical pattern.

Taking jabs at millennial traders, who he teased about living in their “mommy’s basement,” Brandt challenged them to remind him of his bearish call three years from now.

Meanwhile, popular crypto analyst and trader, Cheds, recently tweeted in agreement with Brandt’s analysis. He noted that “nothing will survive” in the short term if Bitcoin falls below the $40,000 support. Currently, the benchmark cryptocurrency trades down by -4% over the past 24 hours, after recently falling below $41,000.

However, many crypto enthusiasts have since disputed Brandt’s projection calling it questionable considering his track record of price calls, some of which analysts have called “terribly wrong.”

Earlier today, Ethereum suffered a dip below the $2,750 on Bitstamp and hit its lowest point since February 28 at $2,630. Notably, the second-largest cryptocurrency is down by about 46% from its all-time high.

Brandt recently made a case against holding Bitcoin, noting that it is easy to monitor its market cycle tops and avoid getting wiped by a potential 80% correction.

Key Ethereum Levels to Watch — March 4

As mentioned earlier, Ethereum is on freefall mode as it dipped past the $2,650 mark and now barrels towards $2,600. This comes as the market renewed its bearish bias since its rejection from the $3,000 tops last week.

ETHUSD 2022 03 04 21 13 42.png
ETHUSD – 4-Hour Chart on Bitstamp. Source: TradingView

Unless we record a mild rebound above the $2,650 level, we could expect to see some aggressive bearish continuation over the weekend, considering how volatile weekends tend to be for the crypto industry. That said, a bearish move in the near term should push ETH towards $2,480.

Meanwhile, my resistance levels are $2,650, $2,750, and $2,800, and my support levels are $2,570, $2,480, and $2,400.

Total Market Capitalization: $1.76 trillion

Ethereum Market Capitalization: $312.3 billion

Ethereum Dominance: 17.7%

Market Rank: #2

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.