Brandt’s bearish ETH call — But community predicts $3K before Merge

Peter Brandt, a veteran futures trader, suggested that Ether’s (ETH) price could fall to $1,268 in the next month. However, the consensus view of 15500 members of CoinMarketCap is that it will reach $3,131 by June 30, according to the CoinMarketCap community.

Now, the Ethereum network is in the final stages of its long-awaited Merge With the Beacon Chain (MoS) and transition to proofof-stake (PoS). Developers confirmed on Wednesday that the Ropsten testnet merger was successful.

Now, the Ropsten testnet is merged! It was a historic day for Ethereum and a great day for The Merge.
— sassal.eth (@sassal0x) June 8, 2022

Although the Merge has been delayed a few times, it is expected to be live by August if everything goes according to plan. PoS will dramatically reduce the Ethereum network’s energy consumption and increase its security.

The price of Ethereum has not responded to the most recent encouraging developments and currently sits at $1,788 as of this writing, down 1.7% in the last 24 hours.

Brandt, who has been trading since 1975, has attracted the attention of crypto-community by his ability to predict some of Bitcoin’s (BTC), historical highs and lows.

If the bearish scenario he described for ETH is true, it would lead to a 29% further drop in this month.

Brandt shared a month-tomonth chart of April to June with his 648,000 followers on Twitter. He also noted that Ether could face difficulties in June if market sentiment doesn’t change significantly.

“Classical charting 101. This is a POSSIBLE descend triangle. A downside completion, unless immediately nullified, would not be constructive.”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

Crypto Tony, Trader Crypto Tony, also shared a similar scenario with his 201,000 followers on Twitter. He questioned whether a descending triangle in the ETH chart was too obvious to ignore. Crypto Tony’s bearish expectations were slightly higher at $1,450-$1,600.

The community on CoinMarketCap is bullish, or at the very least, high on hopium, about the near future for ETH. 15,466 users account for an average price estimate $3,131.75 as of June 30. This would represent a 75.37% increase in price.

CoinMarketCap allows the community to vote for predicted price targets through a tab located under its listed assets pages. This prediction is not the only one. Around 8,500 people estimate that ETH will reach $2,981.27 on July 31st, a 66.94% rise, just before the Merge.

The CoinMarketCap community that votes on ETH price prediction has seen varying degrees of success since December.

Similar: Price analysis 6/8: BTC. ETH. BNB. ADA. XRP. SOL. DOGE. DOT. AVAX. SHIB.

They correctly predicted ETH’s closing prices for 2021 with 88.40% accuracy. This means that they were 11.6% off the real price of $3682.63 with their estimate of $4,109.65.

The bearish fall of January was predicted by them with 54% accuracy, February with 76.17% accuracy, March with 89.91% accuracy, April at 62.41% accuracy and March at 76.17%. They fell dramatically in May with 16.97% accuracy. However, this was despite the unprecedented month in which Do Kwon’s Terra ecosystem led to a multi-billion dollar market crash.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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