Veteran Trader Peter Brandt Predicts Ethereum Drop Below $2,000 Amid Bearish Pattern Formation

Experienced trader Peter Brandt is sounding the alarm about Ethereum (ETH). He believes it might be setting up for a drop below $2,000. Brandt shared this insight with his 735,500 followers on the social media platform X.

He points out that Ethereum could be forming a rising wedge pattern on the four-hour chart. This pattern is generally seen as a bearish signal. It suggests that prices could fall further after a brief bounce.

Brandt explains, “I’m not criticizing ETH. I’m just sharing how I trade. So, ETH fans, don’t take it personally. I’m quick to go long when I see a good opportunity, just as I am to go short.”

He highlights a few key points:

• A five-month rectangle pattern completed on August 4th.
• A retest of the breakout line happened on August 14th.
• A rising wedge has formed on the intraday chart.

Brandt emphasizes that he has a measured risk for shorting ETH. If the price goes above $2,961, he plans to exit the trade. His target is set at $1,651, offering a risk-reward ratio of over 3 to 1. He acknowledges that patterns can fail more than 50% of the time. “I don’t get offended when I’m wrong. I assume I’ll take losses on trades,” he adds.

Additionally, Brandt shared a chart that suggests Solana (SOL) will likely outperform Ethereum (SOL/ETH) in the coming months. He points out some key differences between the two networks. “In the battle between SOL and ETH, there will be a clear winner. ETH is cumbersome, expensive, and flawed. It claims to be decentralized, but it’s not. SOL is user-friendly and has a solid foundation. I expect SOL to gain 100% on ETH in the months ahead.”

As of now, Ethereum is trading at $2,667, showing a slight decline in the last 24 hours.