Peter Brandt noted that ETH’s price could fall by 29% if it completes the downside of a potential descending triangle chart pattern.
Ether’s Price Yet to Respond to News about the Upcoming August Merge
Peter Brandt, a veteran futures trader, has suggested that the price of Ether could drop to as low as USD1,268 in the coming month, but 15,500 members of the CoinMarketCap differ sharply. They argue that the price of Ether will hit USD3,131 by the close of June.
The Ethereum network is in the final steps of its long-awaited merge with Beacon Chain and shift to proof-of-stake (PoS), with developers confirming they have successfully finished the Ropsten testnet stage.
“The Ropsten testnet has now been merged! What a historic and thrilling day for the Ethereum community and what a thrilling day. Next up, 2 more public testnet merges and then mainnet. The Merge is coming,” read a statement from sassal.eth on Twitter.
Although the timeframes have been subject to delays, the Merge is expected to be implemented in August if everything goes to plan. The switch to proof of stake (POS) is expected to cut down the energy consumption of the network while enhancing its security. The price of Ether has not responded to the latest encouraging developments.
Brandt’s Cites a Possible Descending Triangle, Predicts June to be “Hard”
Brandt has been trading futures since 1975 and recently gained the attention of the crypto community by correctly predicting Bitcoin‘s historical heights and crashes.
If the bearish scenario unfolds as Brandt predicts, it will mark a big 29% price drop for Ether in June. On Tuesday, Brandt highlighted a month-to-month chart starting from April through to June and pointed out that the remaining part of June is likely to be tough.
“Classical charting 101. This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive,” expressed Brandt.
A similar scenario was given by Tony, a crypto trader, who told his 201,000 Twitter followers that a descending triangle was “too obvious”.
Community Strongly Differs, Expects a Bull Run
Despite Brandt and Tony’s chart forecasts, the community would hear none of it. There were 15,466 votes from the community, indicating that the price estimate by the close of June would be USD3,131.175. The climb to this price would be a mammoth upshot of 75.37%.
CoinMarketCap enables the community to vote on different price targets using a tab listed on the asset pages. Apart from this prediction, about 8,500 people have estimated that the price of Ether will reach USD2,981.27 by the end of July. This will be a short moment before the Merge.
The prediction of the community has had varying levels of success. For example, it predicted ETH’s closing price for 2021 with an accuracy of 88.40%. They also predicted the ETH’s bearish drop of January with 54% accuracy, February with 76% accuracy, and March with 89.91% accuracy. However, the prediction for May was very poor, returning a low accuracy level of 16.97% following the collapse of the Terra ecosystem that pulled down almost the entire crypto market.
