Notable Old School Trader Peter Brandt Subscribes to Ethereum Chart, Reversal Head and Shoulders Pattern Forming
Seasoned commodity trader Peter Brandt, who has been in the trading business for nearly four decades, took to Twitter to show the formation of a head and shoulders pattern on the Ethereum chart.
In his tweet, he warned that he is not a hater of ciphers; He just mentioned the formation of this pattern for the second largest cryptocurrency.
Ethereum forming a bearish pattern, record target: $2,276
Veteran trader Brandt shared a screenshot of an upcoming H&S pattern on the ETH chart. This is a price reversal pattern. Thus, Brandt is hinting that the exchange rate of the Ethereum native currency may fall further in the future.
However, the trader provided a disclaimer, saying that while he does not necessarily believe in the possibility of offloading ETH, he is not selling ETH. Tweet: He’s not a cryptocurrency hater. However, he said, if you own Ethereum, you have to deal with having this bearish formation on the Ether chart.
I’m not saying I believe in it and I’m saying I don’t cut it short – but whether you like it or not if you have it ETH dollar You will have to deal with it. The potential H&S exists, whether it’s complete, fail, or converts, it’s there. I’m not a hater. pic.twitter.com/PG50GwaZkI
– Peter Brandt (@PeterLBrandt) September 20 2021
Earlier this year, Peter Brandt tweeted that he expects Ethereum to significantly outperform Bitcoin in the future.
In a comment below this Tweet, Brandt stated that the chance of this H&S style success is “big if”. The goal of the log in this case would be $2,276.
I do not expect the end of the world. Even if H&S is working (BIG IF), the registry target is 2276. pic.twitter.com/Qs6kyCsODm
– Peter Brandt (@PeterLBrandt) September 21, 2021
Ethereum lost 18% in the past week
Over the past week, from September 16 to date, the second largest cryptocurrency, Ether, has lost nearly 18% of its market capitalization; It fell from a four-month high of $3,674 to $2,877 earlier today.
So far, ETH has recovered the $3,000 level, and at the time of writing, it is trading at $3,047.
The price of Ethereum has been on the rise since August 5, the day the much-anticipated London hard fork was implemented and allowed to burn some ETH fees. When this hard fork was launched, it was another step towards implementing the Ethereum 2.0 upgrade and switching to the Proof-of-Stake consensus algorithm as well.
Ethereum drops, after Bitcoin
Ethereum is following the main cryptocurrency, Bitcoin, in its current correction. Since September 20, BTC has fallen by more than 14%, reaching the $40,150 region and sending the entire crypto market down. So far, BTC has reclaimed the $43,133 mark.
As reported by U.Today, on September 20, the price of bitcoin was dealt a major blow by the situation in the real estate market in China. Evergrande Real Estate Group, the second largest company in the industry in China, has seen its share price drop nearly 30% on its nearly $2 trillion debt.
This caused the Hang Seng in Hong Kong to drop significantly and hit global markets, including the cryptocurrency market.