Peter Brandt Spots Downside Pattern for Ethereum

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. Classical charting 101 This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD pic.twitter.com/33kOZK4tjF — Peter Brandt (@PeterLBrandt) June 7, 2022 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 exc...