Experienced crypto trader Peter Brandt continues to maintain a bearish stance on Ethereum (ETH), after announcing the sale of the second largest digital currency.

Ethereum (ETH) is a digital currency that has a strong community but also attracts critics, including Peter Brandt. It is currently valued at $2162.05. In the last 24 hours, the price has fallen 2.28%. Although trading volume has increased by 47.27% to $9,967,236,941, Peter Brandt is confident that Ethereum's price will continue to fall. Peter Brandt noted that although classic technical models are not always accurate, they can provide insight into price movement. According to the chart accompanying his post, he predicts a further drop in Ethereum in the near future, possibly to $1000 or even $650. He also noted that he has taken protective measures to mitigate potential losses.

Peter Brandt's predictions have a significant impact on Ethereum (ETH) traders and their sentiment. It's important to note that the price of Ethereum hasn't dipped below $1,000 since as early as early 2021. 

According to the current price forecast, Ethereum has been on the path of a major correction for several days now. The digital currency has lost the gains it made earlier this month, when it traded at $2401.76. Despite a possible further decline, Ethereum has several significant factors that are contributing to the stability of its position. One such fundamental factor is the increasing interest and activity regarding the Ethereum Spot Exchange Traded Fund (ETF) product among leading investment managers such as BlackRock. As with the bitcoin spot ETF, the endorsement of this product could attract significant institutional-level investment, which would impact demand and ultimately the value of the coin.

While Ethereum could conceivably experience a correction in the near term, according to Peter Brandt's forecast, the long-term prospects for the coin remain very encouraging.