Renowned Trader Peter Brandt Predicts Highly Bullish Future for Ethereum
Renowned trader Peter Brandt, a figure with a storied history in financial markets dating back to the 1970s, has injected a sense of optimism into the Ethereum (ETH) community through his recent analysis. Brandt, known for his prowess in technical analysis, has pinpointed bullish chart patterns that hint at a potential upswing in the price of the premier altcoin.
Brandt highlighted a “four-month rectangle” on the Ethereum price chart, indicating a phase of consolidation where the price has been fluctuating within a defined range. This consolidation phase, according to Brandt, could serve as a prelude to a breakout, potentially catapulting the price of ETH to higher levels.
Supporting his bullish stance, Brandt identified a bullish “horn bottom” pattern. Essentially, a horn bottom signifies a reversal pattern where the price experiences two downward movements but fails to breach a critical support level, forming a horn-like shape. This pattern typically signals a build-up of buying pressure and a potential price uptick.
In a tweet, Brandt shared his perspective on ETH, noting the discovery of support at the lower boundary of the four-month rectangle, which coincided with a retest of the horn bottom completion in February. His target price, pending an upward move, stands at 5600+.
To visualize his analysis, Brandt reportedly shared a price chart showcasing the identified patterns and his price target for ETH, which stands notably above $5,600, representing a substantial leap from current levels.
Brandt’s optimistic forecast aligns with the backdrop of intriguing developments surrounding a prospective Ethereum ETF. Speculation from industry insiders suggests that the SEC may greenlight several ETF proposals by July 23, potentially opening the doors for investors to gain exposure to Ethereum through a conventional investment avenue. This move could attract fresh capital inflows and potentially drive up the price of Ethereum in the market.
