Ethereum
Peter Brandt’s Very Bullish Ethereum Price Prediction
Ethereum price has increased by nearly 10% over the past seven days. It is currently trading slightly below the important $3,400 mark.
This increase is in line with the rest of the market, which is currently experiencing considerable upward momentum after the correction that occurred last week.
The price has declined slightly in the past few hours after briefly touching $3,500 on Binance.
That said, one of the most popular traders with 50 years of experience, Peter Brandt, recently commented on the price of ETH, highlighting the possibility of a significant increase.
In a tweet earlier today, Brandt shared his “perspective” on ETH, saying that “support was found at the lower boundary of the 4+ month rectangle, which was a retest of the February completion of a horn bottom.”
Now, a horn bottom pattern in technical analysis refers to price action identified by two downward peaks embracing a small central candle, followed by a sharp rally.
Here is Brandt’s graph:
What’s interesting is that he stated that the resolution target for this pattern is above $5,600. If that happens, it would mean an increase of about 64% for ETH.