menuIcon
$ 103,550.2
BTC
$ 103,550.2
-0.48 %
$ 2,496.51
ETH
$ 2,496.51
-3.31 %
$ 0.7551
ADA
$ 0.7551
-3.40 %
$ 643.69
BNB
$ 643.69
-2.17 %
$ 168.27
SOL
$ 168.27
-2.54 %
Usha Yadav
Jun 7, 2022
by Usha Yadav

Peter Brandt Spots Downside Pattern for Ethereum

Peter Brandt Ethereum

Table of contents

  1. ETH is Expected to Undergo a Significant Correction
  2. ETH Shorts worth $666 Million Have been Liquidated
Peter Brandt, a seasoned commodity trader who has been trading since the 1970s, took to Twitter to provide another classic chart. This time, it's about Ethereum, the second-largest cryptocurrency. As he warned, Peter Brandt presented an Ethereum chart showing a pattern that could only be a descending triangle. He added that this downward pattern "would not be constructive" if it didn't collapse right away.

A descending triangle usually indicates that downside momentum is growing and that an asset's price will break downward.

ETH is Expected to Undergo a Significant Correction

Early this year, the seasoned chartist tweeted that Ethereum, trading in the $2,900 range, was due for a massive correction.

The second-largest cryptocurrency has now dropped to $1,700. When the Fed implemented a historic interest rate hike in the opening days of May, ETH began to plunge, followed by the collapse of the Terra blockchain and its coins—LUNA and UST stablecoin.

ETH Shorts worth $666 Million Have been Liquidated

Ethereum attempted to increase from $1,810 to above $1,900 yesterday, and the market saw a massive liquidation of ETH short trades totaling $666 million. The majority of those trades were liquidated on the Bitfinex exchange. However, ETH has fallen considerably lower than it began and is currently trading near $1,700.

Follow us on: News
Ethereum PeterBrandt
Peter Brandt Spots Downside Pattern for Ethereum
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks