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Savvy Trader Peter Brandt Spots Downside Pattern for Ethereum

Tue, 06/07/2022 - 09:12
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Yuri Molchan
Old-school trading expert believes Ethereum may go further down if this pattern is not nullified immediately
Savvy Trader Peter Brandt Spots Downside Pattern for Ethereum
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Seasoned commodity trader Peter Brandt, who has been trading since the 1970s, has taken to Twitter to share one more classical chart. This time, it is related to the second largest cryptocurrency, Ethereum.

"POSSIBLE descending triangle"

Peter Brandt has shared an Ethereum chart with a pattern on it which—he warned—could only possibly be a descending triangle. He explained that this is a downside pattern and, should it not dissolve immediately, "it would not be constructive."

A descending triangle usually means that downside momentum is building up and the price of an asset is likely to break downward soon.

Major correction for ETH predicted

In early March this year, the seasoned chartist tweeted that he expected a major correction to hit Ethereum, which was trading in the $2,900 zone back then.

By now, the second largest crypto has plunged to the $1,700 level. ETH began to plummet after Bitcoin when, in the first days of May, the Fed implemented a historic hike of the interest rate, and then it was followed by the collapse of the Terra blockchain along with its coins—LUNA and UST stablecoin.

Bitcoin Plunges Back Below $30,000

$666 million in ETH shorts liquidated

Yesterday, Ethereum attempted to rise from $1,810 to over $1,900, and the market witnessed a staggering liquidation of ETH short trades worth approximately $666 million. The majority of those liquidated trades were placed on Bitfinex exchange.

However, by now, ETH has dropped even lower than the level it started from and is exchanging hands near $1,700.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at