Peter Brandt noted that ETH could fall 29% if the bottom of a potentially descending triangle pattern completes.
Veteran futures trader Peter Brandt has hinted that the price of Ether (ETH) could fall to $1,268 over the next month, but the 15,500 members of the CoinMarketCap community agree that the price will be around $3,131 by June 30th will reach. .
The Ethereum network is now in the final stages of a long-awaited merger with the Beacon chain and transition to Proof-of-Stake (PoS). On Wednesday, the developers confirmed that they had successfully completed the Ropsten testnet merger.
While the timeline is often pushed back, the merger is set to launch in August if all goes according to plan. The transition to PoS will significantly reduce the power consumption of the Ethereum network and increase its security.
However, ETH’s price has barely reacted to recent encouraging developments, falling 1.7% in the last 24 hours to $1,788 at the time of writing.
Brandt has been trading since 1975 and in the past has caught the attention of the crypto community by predicting some of Bitcoin’s (BTC) historical ups and downs.
If the bearish scenario he has outlined for ETH comes true, it will drop another 29% this month.
On Tuesday, Brandt revealed the April-June monthly chart to his 648,000 Twitter followers, noting that the rest of June could be difficult to air unless market sentiment changes significantly:
“Classic Chart 101. This is a POSSIBLE descending triangle. An unsuccessful termination is not effective if it is not terminated immediately.
Crypto trader Tony also shared a similar scenario with his 201,000 Twitter followers, asking if the descending triangle on the ETH chart was “too obvious” to ignore. However, Crypto Tony bearish valuations were slightly higher, ranging from $1,450 to $1,600.
But the CoinMarketCap community seems optimistic — or at least bullish — on ETH’s near future, with 15,466 voters estimating an average price of $3,131.75 through June 30. A surge to that level would mean a whopping 75.37% gain. .
CoinMarketCap allows the community to vote on forecast price targets via a tab on asset listing pages. Beyond this prediction, around 8,500 people estimated that ETH would hit $2,981.27 or 66.94% just before the merger by July 31st.
Overall, the CoinMarketCap community, which votes on ETH price predictions, has had mixed success since December.
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They predicted the closing price of ETH in 2021 with an accuracy of 88.40%, meaning that their valuation of $4,109.65 was 11.6% below the actual price of $3,682.63.
They then forecast bearish declines in January with an accuracy of 54%, February with an accuracy of 76.17%, March with an accuracy of 89.91% and April with an accuracy of 62.41%. However, they fell sharply in May with an accuracy of 16.97%, even though it was an unprecedented month when Do Kwon’s Terra ecosystem caused a multi-billion dollar market crash.