Legendary Trader “Shorts” Ethereum (ETH) to $650; Correction Ahead?

Godfrey Benjamin
December 18, 2023
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Legendary crypto trader, Peter Brandt has proven that he is truly bearish on Ethereum (ETH) after he revealed he just shorted the industry’s second-largest digital currency.

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Ethereum (ETH) FUD Looming Large

Ethereum (ETH) is a digital currency with a dedicated community but also committed critics like Peter Brandt. Currently trading for $2,162.05, down by 2.28% in the past 24 hours. Though the trading volume is elevated at 47.27% to $9,967,236,941, Peter Brandt is convinced that Ethereum’s price is fated to slide further.

Taking to the X app, Peter Brandt acknowledged that while classical chart patterns are not sacred as they fail to perform by the books at all times, should Ethereum comply with the bearish script in the chart that accompanied his post, then the digital currency might plunge to new lows in the near term.

Per his forecast, Ethereum could drop as low as $1,000, and on the worst-case basis, it may drop to $650. Riding on his forecast for Ethereum in the long term, Peter Brandt said he has shorted the coin and that he has “a protective B/E stop.”

As a prominent figure and analyst in the crypto ecosystem, Peter Brandt’s projection carries a lot of weight that may impact trader’s sentiment regarding Ethereum (ETH). While nothing is impossible in the crypto world, it is worth noting that Ethereum has not dropped below the $1000 price mark since at least January 2021.

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Odds of Ethereum Correcting?

Per the current price outlook, Ethereum has been on a major correction path for some days now. The digital currency has given up the gains accrued from earlier in the month when it traded as high as $2,401.76. While the likelihood of further decline cannot be ruled out, Ethereum has some important fundamentals to help boost its resilience across the board.

One of the most important of these fundamentals is the growing clamor and application for the Ethereum Spot Exchange Traded Fund (ETF) product by top investment managers like BlackRock. Just like Bitcoin spot ETF, approval of this product is poised to usher in massive institutional capital which might impact the demand and ultimately the price of the coin.

While Ethereum may correct in the short term in line with Peter Brandt’s projection, the longer-term outlook of the coin looks promising.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.