Experienced cryptotrader Peter Brandt believes Ethereum (ETH) could fall to $1268 before recovering. In his opinion, ETH could be in a downward triangle, indicating the risk of a decline in the second-largest cryptocurrency by market capitalization.
On Monday, the trader posted a chart showing a target price of $1,268, assuming ETH’s $1,700 support is broken.
Not all traders hold such bearish views. Popular crypto analyst Justin Bennett advises traders to pay attention to ETH’s trend line from last November:
A daily close higher would open higher levels, such as $2150 and $2350. $1700 is support. Below it is the peak of the previous cycle around $1400.
The distribution of supply is different from the bear market of 2019. Half of the supply is in DeFi, ETH 2.0, etc… ETH had nothing but ICOs in 2019. I’m glad people are talking about the basis now.