“May Be Wave Goodbye”: ETH Goes Sub $1,800 – Could It Drop To $1,200?

Ethereum is really suffering. Can the second top crypto survive the current downtrend? 

Ethereum seems to be going through a stressful phase. The coin’s price has dropped from the highs of close to $2,000 to below $1,800.

At the time of this writing, ETH is trading at around $1,763. Although Ethereum isn’t the only coin currently in the red, crypto trader Peter Brandt seems to be focused on it. Peter is not so confident about the crypto’s immediate future.

Peter shared a tweet with ETH market analysis that showed ETH treading on a tight rope. He identified a “possible descending triangle” that suggests a downward trend.

Classical charting 101

This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD pic.twitter.com/33kOZK4tjF

— Peter Brandt (@PeterLBrandt) June 7, 2022

According to peter if

ETH Could Slurp Further If Not Reversed

According to Peter, ETH could be headed for a significant downswing if the current trend is not nullified.

Granted, the crypto market, ETH included, has been in a bit of limbo for months. Bearish sentiment has spread across the market, with some traders and analysts suggesting that the crypto market may be entering a winter.

Peter suggested that the coin drops way down to the $1,200 range, with a target at $1,280 if the descending triangle is broken downwards.

Crypto winters aren’t a new thing. The market experienced a strong one right after the bull run of late 2017. It lasted a relatively long and saw ETH trade at less than $100.

“Maybe A Wave Goodbye”

Meanwhile, one of Peter’s followers appeared to have identified Elliott wave4. Peter was still bearish in response, calling it a “May Be wave goodbye.”

Maybe a wave goodbye

— Peter Brandt (@PeterLBrandt) June 7, 2022

In all accounts, Peter Brandt, an accomplished trader, seems to be all bearish on Ethereum. Whether other traders, analysts, and investors will join him in this opinion is yet to be seen, but judging from the current outlook, things don’t look perfect for ETH.

Market Dominance Hurt

Since the bears struck, Ethereum has managed to hold on, even holding its own as far as market dominance is concerned.

However, with the current bearish sentiments, the coin seems to be losing its grip on the market. While Bitcoin’s dominance has relatively increased, reaching around 47.5% on June 6, Ethereum’s decreased to a new low of 17.7% on the same day.