A Prospect for ETH's Lunar Leap, As Per Brandt's Prediction
Ethereum contemplating lunar leap: Legendary trader Peter Brandt proposes ambitious move
Hey there! Let's talk about Ethereum (ETH) and a possible price surge it might experience, according to trading legend Peter Brandt. Yeah, you heard that right! The man who's known for slamming ETH as a "broken utility coin" has spotted a bullish pattern that's worth noting.
Brandt, with his long-standing success in trading, shared an ETH chart on his Twitter, a rare positive move about Ethereum from him. Usually, his tweets about ETH are far from encouraging, but this time, he's hinting at a potential 'moon shot.'
Crypto Memes: PEPE, FLOKI, BONK Surging Today
Now, let's flip the script. While Brandt is talking about Ethereum's potential rise, there's a whale causing some turbulence. This whale participated in Ethereum's very first Initial Coin Offering (ICO) and is selling off his ETH stash. Recently, this whale dumped about 1,900 ETH, generating a cool $4.44 million on Kraken.
This isn't the first time this whale has sold off his ETH. He earlier shed 5,200 ETH, 1,500 ETH, and 3,000 ETH in May and April respectively. He woke up from a three-year slumber on that day.
The Symmetrical Triangle Pattern
Brandt's chart shows that ETH has been moving within a long-term symmetrical triangle pattern since 2021. And if ETH can break the $2,150 resistance level, it could potentially hit $4,000 or even higher. Now, you might remember that ETH last managed to rise that high on Nov. 16, 2021, when it reached an all-time high of $4,891.
At present, after a 33% surge in a single day, Ethereum is exchanging hands at $2,370. That's a hefty 51.69% below its historic peak of 2021.
[1] Source: Peter Brandt's tweet, Twitter[2] Source: CoinTelegraph, Ethereum Hits $2,370 Following Peter Brandt's Symmetrical Triangle theory[3] Source: FXEmpire, Trader Peter Brandt Warns of Ethereum Breakdown[4] Source: CoinGape, Peter Brandt Predicts Ethereum Could Drop to $800
- Intriguingly, Peter Brandt, a renowned figure in crypto trading, recently posted a bullish ETH chart on his Twitter, suggesting a potential surge for Ethereum (ETH).
- Beyond Brandt's positive outlook, a significant 'whale' has caused some volatility in the market by selling off a substantial amount of ETH, over 1,900 units, on Kraken, generating approximately $4.44 million.
- The whale's selling spree is not a new phenomenon; earlier this year, the whale shed around 5,200 ETH, 1,500 ETH, and 3,000 ETH in May and April respectively, after a three-year slumber.
- According to Brandt's analysis, Ethereum has been consolidating within a long-term symmetrical triangle pattern since 2021, with a potential breakout potentially propelling ETH to $4,000 or higher, should it breach the $2,150 resistance level.
- At the moment, Ethereum is trading at $2,370, marking a 51.69% drop from its 2021 all-time high of $4,891 on Nov. 16, 2021.
- Apart from Ethereum, other cryptocurrencies like PEPE, FLOKI, and BONK have been experiencing a surge in trading today.
