Ethereum Price Crash Forecast: Is ETH Headed for $1,645?

IconCryptoNewsTerminal Staff15 Aug, 2024

cryptonews.jpg

Ethereum Price Crash Forecast: Is ETH Headed for $1,645?

After a period of consolidation, Ethereum (ETH) could be facing a potential drop to $1,645 according to prominent trader Peter Brandt. Factors contributing to this bearish outlook include a rising wedge pattern, lack of bullish momentum, and a low Average Directional Index (ADX). The combination of these indicators suggests a bearish reversal is likely, with potential support at the bottom of the rectangle pattern formed over the past five months. If the bearish momentum intensifies, ETH could potentially drop further towards $1,645.