Trading Guru Sees Bullish Future for Ethereum, Targets $5,600 in Latest Analysis
17 Julho 2024 - 4:00AM
NEWSBTC
Ethereum has so far witnessed intensified attention from the crypto
community following the swirling reports of the likely launch of
Ethereum spot exchange-traded-funds (ETFs) next week. Of those
giving the asset increasing attention is Peter Brandt, a veteran
trader who has recently shared exciting insights into Ethereum’s
price action. Renowned for his decades-long track record in
financial markets, the veteran trader has provided Ethereum’s
highly optimistic technical analysis. Through his analysis of
Ethereum’s price movements, Brandt predicts a potential surge that
could redefine ETH’s current market standing. Related Reading:
Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts
Weigh In $5600 On The Horizon Based On This Brandt’s projections
are based on recently discovered a “four-month rectangle” on the
Ethereum price chart. This pattern indicates a consolidation phase,
where Ethereum has fluctuated within a stable price range.
According to Brandt, such consolidation might be the calm before a
significant upward breakout. This view provides investors with
hope, and it is also consistent with general sentiment confirming
that periods in which the price remains stable usually precede a
bullish reversal. Delving deeper into the technical aspects, Brandt
pointed to the “horn bottom.” This formation on the chart can be
seen as a bullish reversal pattern indicating that ETH has always
remained above critical support levels, regardless of how often it
has tested lower limits. This horn bottom pattern is also
associated with increasing buying pressure, indicating a rally may
occur shortly. Brandt further substantiated 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. A
perspective on $ETH Support was found at lower boundary of 4+ month
rectangle, which was a retest of the Feb completion of a horn
bottom Target, pending upside completion, is 5600+
pic.twitter.com/EThcM61KpW — Peter Brandt (@PeterLBrandt) July 15,
2024 This projection is based on the premise that if Ethereum can
effectively breach the upper boundary of the rectangle pattern, it
could trigger a significant price rally. Related Reading: Why Is
The Ethereum Price Up Today? Ethereum Market Performance While
Brandt has shared quite an optimistic projection of ETH rallying
above $5,500, the asset still struggles below the $4,000 mark. ETH
trades for $3,462 at the time of writing, up by 2.4% in the past 24
hours. The current market performance comes against the backdrop of
the overall crypto market downturn and the circulating news of the
likely launch of spot ETH ETFs by Tuesday next week. Eric
Balchunas, a senior ETF analyst at Bloomberg, noted: [H]earing SEC
finally gotten back to issuers today, asking them to return FINAL
S-1s on Wed (incl fees) and then request effectiveness on Monday
after close for a TUESDAY 7/23 LAUNCH. This is provided no
unforeseeable last min issues of course Featured image created with
DALL-E, Chart from TradingView
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