Brandt’s bearish ETH call — But community predicts $3K before Merge
Veteran futures trader Peter Brandt has suggested that the price of Ether (ETH) could drop to as low as $1,268 in the coming month, but the consensus view of 15,500 members of the CoinMarketCap community is that the price will hit roughly $3,131 by June 30.
The Ethereum network is now in the final steps of its long-awaited Merge with the Beacon Chain and switch to proof-of-stake, with developers confirming on June 8 that they successfully completed the Ropsten testnet merge.
The Ropsten testnet has now been merged!What a historic and thrilling day for the Ethereum community and what a thrilling day forNext up, 2 more public testnet merges and then mainnetThe Merge is coming
While the timeframe has often been subject to delay, the Merge is slated to go live around August if all goes to plan. The switch to proof-of-stake will massively decrease the energy consumption of the Ethereum network while also improving its security.
The price of ETH has barely responded to the latest encouraging developments however and is down 1.7% over the past 24 hours to sit at $1,788 at the time of writing.
Brandt has been trading since 1975 and has gained attention of the crypto community in the past by predicting some of Bitcoin's historical heights and crashes.
If the bearish scenario he outlined for ETH comes true, it would mark a further 29% drop this month.
On June 7 Brandt highlighted a month-to-month chart from April to June to his 648,000 Twitter followers, and noted that the rest of June could be rough for Ethereum if the market sentiment doesn’t turn significantly:
Classical charting 101This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD
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