Ethereum
Legendary Trader Peter Brandt Posts Extremely Bullish Ethereum Price Prediction
Gamza Khanzadaev
Ethereum on the Moon? Legendary Trader Peter Brandt Predicts ETH at $5,600
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Veteran Trader Pierre BrandtConsidered by many to be a legendary figure in financial markets since the 1970s, he has sparked a wave of optimism in the Ethereum (ETH) community with his latest analysis. Brandt, known for his expertise in technical analysis, has identified bullish chart patterns suggesting a potential price rally for the leading altcoin.
Thus, Brandt pointed out a “four-month rectangle” on the Ethereum price chart. This technical indicator suggests a period of consolidation, where the price is moving within a defined range. According to him, this consolidation could be the precursor to a breakout, potentially propelling the price of ETH north.
To further reinforce his bullish outlook, Brandt identified a bullish “horn bottom” pattern. Simply explained, a horn bottom is a reversal pattern where price declines twice but fails to break a key support level, forming a horn shape. This pattern is often seen as a sign of building buying pressure and a potential price increase.
To illustrate his analysis, Brandt reportedly shared a price chart highlighting the patterns he identified and his target price for ETHThis target sits comfortably above $5,600, which represents a significant jump from current levels.
Brandt’s bullish call coincides with exciting developments surrounding a potential Ethereum ETFIndustry experts suggest the SEC could grant preliminary approval to several proposals by next Tuesday, July 23.
An ETF would allow investors to gain exposure to Ethereum through a traditional investment vehicle, potentially attracting new capital and driving up the price.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza holds a degree in Finance and Credit with a specialization in Securities and Financial Derivatives. He also completed a Master’s program in Banking and Asset Management.
He wants to participate in covering economic and fintech topics, as well as raising awareness among more people about cryptocurrencies and blockchain.