Brandt is Bearish on ETH — But Community Predicts ETH Breaking $3,000 Before Consolidation

Veteran futures trader Peter Brandt said the price of ethereum (ETH) could drop as low as $1,268 in the next month, but the consensus of the 15,500 members of the CoinMarketCap community is for the price to hit around $3,131 by June 30.

The ethereum network is now in the final steps of its long-awaited merger with the beacon chain and switch to proof-of-stake, with developers confirming on June 8 that they had successfully completed the Ropsten testnet merger.

While time frames are often delayed, if all goes according to plan, the merger is scheduled to go live around August. Moving to Proof-of-Stake will greatly reduce the energy consumption of the Ethereum network, while also improving its security.

However, the price of ETH has barely reacted to the latest encouraging development, down 1.7% over the past 24 hours to $1,788 at the time of writing.

Brandt has been trading since 1975 and has captured the attention of the crypto community in the past by predicting some of Bitcoin's all-time peaks and crashes.

If his pessimistic forecast for ETH comes true, it could drop a further 29% this month.

On June 7, Brandt highlighted the monthly chart from April to June to his 648,000 Twitter followers, noting that the rest of June could be tough for Ethereum without a significant shift in market sentiment.

Trader Crypto Tony also highlighted a similar situation to his 201,000 Twitter followers, who questioned whether the descending triangle on the ETH chart was “too obvious” to ignore. The bearish estimate for the Crypto Tony is slightly higher, but between $1,450 and $1,600.

But the community on CoinMarketCap appears to be optimistic about ETH’s near-term prospects — or at least highly bullish on Ethereum, with 15,466 voters averaging an estimate of $3,131.75 as of June 30. If this level is reached, it would represent a massive increase of 75.37%.

In addition to CoinMarketCap, which enables the community to vote on predicted price targets via a tab under its listed asset page, shortly before the merger, some 8,500 people estimated that ETH would hit $2,981.27 by July 31, i.e. An increase of 66.94%.

Overall, the CoinMarketCap community that has voted on ETH price predictions since December has had varying degrees of success.

They predicted ETH’s 2021 closing price with 88.40% accuracy, meaning their estimate was $4,109.65, which was 11.6% lower than the actual price of $3,682.63.

They then predicted bearish declines in January with 54% accuracy, 76.17% in February, 89.91% in March and 62.41% in April. However, they dropped significantly in May with an accuracy rate of 16.97%, even though it was an unprecedented month in which Do Kwon’s Terra ecosystem caused a multi-billion dollar market crash.