Ethereum
Trading Guru Sees Bullish Future for Ethereum, Targets $5,600 in Latest Analysis
Trading Guru Sees Bullish Future for Ethereum
Ethereum has so far been the subject of increased attention from the crypto community following swirling reports of the likely launch of Ethereum spot exchange-traded funds (ETFs) next week.
Among those paying increasing attention to the asset is Peter Brandt, a seasoned trader who recently sharing exciting insights into Ethereum price developments.
Renowned for his decades of experience in the financial markets, the veteran trader provided the highly bullish technical analysis of Ethereum. Through his analysis of Ethereum Price EvolutionBrandt predicts a potential surge that could redefine ETH’s current position in the market.
$5,600 on the horizon based on this
Brandt’s projections are based on a recently discovered “four-month rectangle” on the Ethereum price chart. This pattern indicates a consolidation phase, where Ethereum has fluctuated in a stable price range.
According to Brandt, such a consolidation could be the calm before a significant bullish breakout. This view gives hope to investors and is also consistent with the general sentiment confirming that periods where the price remains stable usually precede a bullish reversal.
Delving deeper into the technical aspects, Brandt highlighted the “horn bottom.” This formation on the chart can be considered a bullish reversal pattern indicating that ETH has consistently remained above critical support levels, no matter how often it has tested the lower boundaries.
This horn bottom pattern is also associated with increasing buying pressure, indicating that a rally could occur soon. Brandt further supported his analysis by sharing a chart with his followers on X, detailing the technical patterns and setting a bold price target for Ethereum that exceeds $5,600.
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A perspective on $ETH
Support was found at the lower boundary of the 4+ month rectangle, which was a retest of the completion of a horn-shaped bottom in February.
The target, pending upward achievement, is 5,600+ pic.twitter.com/EThcM61KpW– Peter Brandt (@PeterLBrandt) July 15, 2024
This projection is based on the premise that if Ethereum can effectively break above the upper boundary of the rectangular pattern, it could trigger a significant price rally.
Ethereum Market Performance
Although Brandt shared a fairly optimistic projection of ETH surpassing $5,500, the asset is still struggling below the $4,000 mark. ETH is trading at $3,462 at the time of writing, up 2.4% in the last 24 hours.
The current market performance comes amid the overall slowdown in the cryptocurrency market and the news circulating about the likely launch of ETH spot ETFs by next Tuesday. Eric Balchunas, senior ETF analyst at Bloomberg, note:
[H]The SEC finally responded to issuers today, asking them to return FINAL S-1s on Wednesday (fees included) and then request an effective date after the close on Monday for a LAUNCH ON TUESDAY, 7/23. This is of course assuming there are no unforeseen last minute issues.
Featured image created with DALL-E, chart by TradingView