Ethereum
Legendary Trader Peter Brandt Drops Intriguing Clue on Ethereum (ETH) Price Action
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Seasoned trader Pierre Brandt has once again caught the attention of the cryptocurrency community, this time with his analysis of the Ethereum chart, which he calls “very intriguing.”
Brandt, known for his insightful analysis and decades of experience in financial markets, shared his views on Ethereum’s price action, sparking discussions among traders and investors.
Ethereumthe second largest cryptocurrency by market value, has shown interesting activity on the charts, attracting the attention of analysts such as Brandt.
Brandt’s analysis comes at a crucial time for Ethereum, as the cryptocurrency market experiences a period of volatility and uncertainty. Bitcoin, the first and largest cryptocurrency by market capitalization, fell to an intraday low of $60,601, following three days of losses.
Ethereum also mirrored BTC’s price action, falling for three days to a low of $2,937 on May 8. At the time of writing, Ethereum was trading below $3,000, down 1.05% over the past 24 hours to $2,972.
In his analysis, Brandt considers two chart patterns to assess Ethereum’s potential trajectory. Unable to completely settle on either model, Brandt calls Ethereum’s chart “very intriguing.”
In one case, Brandt considered the trend he highlighted on the ETH price chart to resemble a flag: a continuation trend that often appears during a brief pause in an uptrend or downtrend.
He says that because of its length, the pattern might not qualify as a flag, but that a channel seems to be the most likely label. A channel forms when the price action is controlled by two parallel, sloping lines and the price has tested each of these lines at least twice. A flag may appear as a small channel after a steep trend, which develops in the opposite direction.
According to Brandt, Ethereum’s chart deserves careful review and analysis given the uncertainty over future price movements. Whether it is a flag or a channel, both have the potential for a breakout in either direction, up or down. “I could go either way with this chart,” Brandt explained.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.