Peter Brandt's Ethereum Triangle and Crypto Market Cap Pattern Signal Major Downside Risk

On January 29, 2026, veteran trader Peter Brandt highlighted a symmetrical triangle on the ETH/USD weekly chart and a right-angled broadening pattern on the total cryptocurrency market cap. He suggested these formations place the burden of proof on bullish traders, implying potential downside for Ethereum and the broader market. The total market cap, under pressure at horizontal support, could slide toward $2.41 trillion, representing an estimated 15%–20% drawdown.