ETH/BTC Pair Could Lose 41% More Per Analyst Credible | Peter Brandt Compares New Ethereum Versions to Hindenburg

1 min read

Top crypto strategists are issuing strong warnings to traders considering ETH. Ethereum has been on a strong downward trend for the last 30 days and is not predicted to recover anytime soon.

30-Day ETH Chart

This chart from CoinMarketCap.com taken 6/5/22 at 5:28pm EST shows the 30-day trend:

Peter Brandt ETH Analysis

Peter Brandt tells his 645,700 Twitter followers that Ethereum is forming a descending triangle, a continuation pattern that suggest further downside risk for ETH.

“Not ready to dive head first into your crazy NFT [non-fungible token] world, but ETH looks like a good prospect for a measured risk short trade… ETH is a piece of c**p crypto. Transactionally cost-prohibitive and cumbersome. Those who tout new versions are still waiting for a re-build of the Hindenburg.

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Source: Peter Brandt/Twitter

Looking at the trader’s chart, the bearish pattern might play out if Ethereum takes out support at around $1,750.

Brandt is not the only popular analyst who’s bearish on Ethereum. Crypto strategist Cantering Clark also tells his 134,600 Twitter followers that ETH looks ripe for a sharp leg down as it now trades way below its diagonal support that has kept the market bullish 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.”

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Source: Cantering Clark/Twitter

ETH/BTC Prediction

Meanwhile, fellow crypto strategist Credible is looking at the performance of ETH against Bitcoin (ETH/BTC). According to Credible, the ETH/BTC pair appears poised to lose over 41% of its value from its current price of 0.060 BTC worth $1,785.

“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.”

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Source: Credible/Twitter

Credible is a staunch Bitcoin bull who believes BTC will print a new all-time high this year (fifth wave), outperforming most altcoins during the initial stages of the rally.

At time of writing, ETH is changing hands for $1,796 while BTC is valued at $29,819.

Check Price Action

Featured Image: Shutterstock/StunningArt

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