News View Non-AMP

Ethereum (ETH) Price To Crash As Veteran Trader Set Downside Target of $1,551

Published by
Mustafa Mulla

Ethereum’s price has been struggling to gain upward momentum for months, as it experienced a dip to around $ 2,500. Meanwhile, Veteran crypto trader Peter Brandt now warns of an even steeper decline, predicting a potential drop to $1,550 amid continued weak buying interest. This prediction is based on Ethereum’s 4-hour chart, which hints at possible further losses ahead. Yet, there is a slight ray of hope for ETH price recovery.

Ethereum Heading for a Big Drop

Veteran trader Peter Brandt is raising concerns about Ethereum (ETH), saying there’s no buy signal right now. He also pointed out a bearish rising wedge pattern forming on the 4-hour chart, which often leads to significant price drops. 

He believes the chart still looks bearish, with a downside target of $1,551 that has not been reached yet. However, Brandt notes that predicting whether these patterns will play out exactly as expected remains challenging. He warns that things often don’t go as planned. 

As of now, ETH is trading around $2,505, showing a drop of 5.3% in the last 24 hours. Meanwhile, the 24-hour trading volume has gone up by 3%, indicating that traders are becoming more interested. However, open interest has also seen a drop of 1.8.5% in the past four hours.

20% Possible Drop Ahead?

At the same time, Well-known crypto analyst Michael van de Poppe recently shared his views on Ethereum (ETH) and its possible direction. He noted that the current chart for ETH looks tricky. If Ethereum continues to fall, we could see a drop of 10% to 20%. 

Despite the bearish outlook, van de Poppe remains hopeful that a turnaround could happen soon. He highlights the importance of upcoming economic data, especially the unemployment numbers that will be released today. 

Ethereum Price Analysis

Despite the current bearish outlook, Ethereum’s technical analysis suggests some room for optimism. The price is following an ascending trendline that could prompt a retest around $2,550 to $2,600, and the daily chart shows an ascending triangle, which often hints at a bullish outlook for an Ethereum price prediction.

Meanwhile, the next key target is $2,800, with ETH aiming to surpass the 100-day and 200-day Exponential Moving Average, which would strengthen its bullish momentum.

The Relative Strength Index is above 50, indicating buyer control without overbought conditions while narrowing Bollinger Bands suggests reduced volatility. However, if ETH closes above $2,800, volatility could quickly increase, and will see ETH hitting $3000 soon.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Breaking: Celsius Founder Alex Mashinsky Hit With a 12-Year Prison Sentence for Crypto Fraud

Mashinsky was charged with misleading investors and customers about Celsius operations.  Restructuring of Celsius protocol…

May 9, 2025

SEC Files Settlement Agreement Letter: Here is What Next for XRP Price and Ripple Labs

The conclusion of the SEC vs Ripple case is a major milestone for the entire…

May 9, 2025

Why is the Crypto Market Rising Today, May 8?

Wall Street experts forecast bullish acceleration in May for the wider crypto market led by…

May 9, 2025

Coinbase To Acquire Deribit Exchange for $2.9B: Here is What it Means for Crypto Market

The deal will be closed with $700 million in cash and 11 million in shares…

May 8, 2025

Ethereum Reclaims $2,000, But Weak MVRV Ratio Signals Bearish Turn: Will Bears Dominate ETH Price?

The Federal Reserve decided not to change interest rates on May 7, keeping them at…

May 8, 2025

Ripple Backs Global Expansion as Hidden Road Sets Foot in Abu Dhabi

In a world where crypto firms often clash with regulators, Ripple is choosing a different…

May 8, 2025