Peter Brandt <a href="https://www.cryptoknowmics.com/news/peter-brandt-compares-microsoft-to-cardano-ethereum-and-bitcoin/">shared</a> a bearish forecast for Ethereum on Monday. The veteran trader noted that a breach below $2,954, which represents the neckline of a head and shoulders pattern, could push Ether’s price to $2,000.
<h2>Peter Brandt Believes Ethereum Could Drop to $2K Due to Bearish Pattern</h2>
The second-largest cryptocurrency, Ether, risks a sharp decline if its price slips below the so-called neckline constituting a head and shoulders pattern. 

The $2,954 price is representative of the neckline and a drop from here would signal a trend reversal for Ether. As part of the reversal, ETH could fall by a height equal to the distance between the head’s peak and the neckline. 

Taking note of Ethereum’s bearish pattern, Peter Brandt shared on September 20:

“I am NOT saying I believe it, and I am saying I am not shorting it — but like it or not, if you own ETH, you will have to deal with it. This possible H&amp;S exists, whether it is completed, fails, or morphs, it exists."

According to <a href="https://samuraitradingacademy.com/7-best-price-action-patterns/#:~:text=The%20head%20and%20shoulders%20patterns,(the%20head)%20between%20them." target="_blank" rel="nofollow noopener">Samurai Trading Academy</a>, head and shoulders are the “most accurate” price patterns that reach their target 85% of the time. 
<h2>Ethereum Drop Could Lead to “Bear Trap”</h2>
On Tuesday, Ether traded at $2,805, to its lowest level since August 7. But it recovered later and reached an intraday high of $3,104. At the time of writing, it has plummeted again to $2,778.

Before the current volatility, ETH was trading at $4,030 on September 3. But the ETH/USD pair couldn’t sustain this level and tumbled by 25.34% to hit $3,009. The cryptocurrency then rebounded to as high as $3,675. 

However, Ether bulls began to lose control again at the beginning of this week, as the market dealt with shockwaves from China’s potential real estate catastrophe. ETH <a href="https://www.cryptoknowmics.com/news/ethereum-eth-technical-analysis-sharp-reversal-is-probable-after-historical-high-update/">dropped</a> by 10.58% on September 20.

It’s unclear how long this trend of decline will last. But some Ethereum advocates are confident that it will help flush out weak traders and create more opportunities for strong hands.

Brandt opines that the ongoing volatility might result in a potential “bear trap,” which incorrectly signals the end of a bullish trend for an asset. 

"I have a strong suspicion that recent weakness, especially overnight, successfully washed out weak longs and might have trapped some bears," he noted.

Peter Brandt’s Bearish Forecast Puts Ethereum at $2K

Peter Brandt shared a bearish forecast for Ethereum on Monday. The veteran trader noted that a breach below $2,954 could push Ether’s price to $2,000.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Peter Brandt’s Bearish Forecast Puts Ethereum at $2K

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