Crypto Analysts Issue Warnings On Ethereum As Bitcoin Hovers At $30K
Three widely followed crypto market analysts and traders looked into Ethereum (ETH) and warn fruther downside for the second largest crypto asset as the bearish market sentiment remains.
Peter Brandt
Veteran trader, Peter Brandt, gained fame in crypto space after correctly calling Bitcoin’s (BTC) collapse in 2018. He recently issued warning on the leading smart contract platform Ethereum (ETH).
Peter Brandt shared with his 646.7K followers on Twitter that ETH chart is forming a descending triangle, a continuation pattern which usually indicates bearish performance.
“Not ready to dive head first into your crazy NFT world, but ETH looks like a good prospect for a measured risk short trade”
According to Brandt’s chart, the bearish pattern might play out if Ethereum loses support at around $1,750.
Cantering Clark
A fellow crypto analyst known as Cantering Clark also shared with his 134.7K Twitter followers that ETH looks ready to make a sharp downturn as it is currently trading way below its diagonal support, which has hold since March 2021.
“If I didn’t think that this time was slightly different, I would look at this ETH chart and think, ‘Big ships turn slowly, and they don’t stop easily.’
By high timeframe measures, this could be the beginning of actual momentum down.”
If I didn't think that this time was slightly different, I would look at this $ETH chart and think "Big ships turn slowly, and they don't stop easily".
By high timeframe measures, this could be the beginning of actual momentum down.? pic.twitter.com/VNDUfm561q
Another popular pseudonymous crypto analyst, Credible Crypto, is looking Ethereum’s performance against against Bitcoin (ETH/BTC). The analyst says that ETH/BTC seems ready to fall 41% from its current price of 0.060 BTC.
“ETH/BTC continues to bleed and is almost at my target first outlined four months ago. That being said, BTC hasn’t even started its fifth wave yet, meaning I expect ETH/BTC to go a lot lower as BTC leads the market out of this correction into its major fifth. Revised target below.”
ETH/BTC continues to bleed and is almost at my target first outlined 4 months ago- that being said, $BTC hasn't even started its 5th wave yet, meaning I expect ETH/BTC to go a lot lower as BTC leads the market out of this correction into its major 5th. Revised target below. $ETHhttps://t.co/PvzRxhrqZIpic.twitter.com/FWFike2z0n
