Legendary trader Peter Brandt shares insight into ETH price action as crypto market dips
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
One of the important things I look for in a trade is if it has a well-defined risk point where I can say"I am wrong" and cut my losses.Brandt applied this principle to Ethereum, noting that ETH currently presents a"well-defined short-side trade." He pointed out that as long as Ethereum remains below approximately $2,830, the trade remains valid.
However, if the ETH price were to rise above this level, Brandt indicated that the trade would be considered"wrong," and it might be time to exit the position.fell to a low of $2,393 in Tuesday's trading session, marking the third consecutive day of losses since the Aug. 24 high of $2,820. This comes as cryptocurrencies undo the boost they gained last week from Federal Reserve Chair Jerome Powell's clearest indication yet that the central bank intends to lower benchmark interest rates from a more than two-decade high.Ethereum dipped 8.30% in yesterday's trading session before trimming some of the losses to trade at around $2,480, down 7.7% in the last 24 hours., traders were speculating on increased prices, resulting in a fragile environment. Since Aug.
The already fragile positions start to roll over with Ethereum long liquidations reaching $55 million, marking the highest levels since Aug. 5. Additionally, several traders were stopped out, causing Open Interest to fall by $2.2 billion.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Legendary Trader Peter Brandt Makes 'Full Disclosure' on ETHSavvy trader Peter Brandt addresses Ethereum community on X
Read more »
Legendary Trader Peter Brandt: SOL 'Clear Winner' Against ETHProminent chartist Peter Brandt believes SOL is to make big price jump against ETH soon
Read more »
Trading Veteran Peter Brandt Drops Must-See Bitcoin Price UpdatePeter Brandt warns of incoming volatility for Bitcoin and Ethereum, with BTC price drawing troubling pattern
Read more »
Veteran Trader Peter Brandt Shows Why This Bitcoin Market Is UniquePeter Brandt highlights weakness of this Bitcoin cycle
Read more »
Ethereum to Crash? Veteran Trader Bets Peter Brandt Big on $1,651 ETHVeteran trader Peter Brandt announces public Ethereum short, sets $1,651 target
Read more »
$154 Million in ETH to Be Sold by ICO-Era Ethereum (ETH) WhaleEthereum whale active back in ICO era moving funds actively
Read more »