Things are starting to look up for Ethereum, which has been notable for its poor performance against Bitcoin lately.
Analyst Peter Brandt, who has 50 years of experience, pointed out in his post today that an Inverse Head and Shoulders (H&S) pattern has formed on Ethereum's daily chart.
Accordingly, this chart shows promising bullish signals for ETH and that Ethereum is ready for a sustainable breakout if it breaks a critical resistance level.
According to the chart shared by the analyst, the neckline in the model on ETH is currently located near the $2,745 level, which means that Ethereum needs to break this line decisively for the uptrend to be confirmed.
Legendary analyst Brandt acknowledged the inverse head and shoulders pattern and bullish signs in Ethereum, but stated that he has not yet taken a position in ETH. This cautious approach to Ethereum suggests that the analyst is likely waiting to see more bullish signs before entering the ETH market.
The inverse head and shoulders pattern is usually observed at the end of a downtrend, and is a three-bottom pattern that signals the start of an uptrend in price.
I'm in a long position in Bitcoin!
Peter Brant also evaluated Bitcoin apart from Ethereum. He shared a new perspective for BTC and said that he foresaw a big increase in BTC.
Brandt’s analysis focuses on the seven-month inverse expanding triangle, a key technical pattern that has been in place since March of this year and has not been broken. According to Brandt, this pattern of lower highs and lower lows signals that Bitcoin is ready for a major rally to $150,000.
Brandt also added that the analyst finally has a long position in Bitcoin.
#6
Bitcoin $BTC
7 month inverted expanding triangle continues to form
The sequence of lower highs and lower lows from Mar 2024 has NOT yet been violated#6
Long Bitcoin is my single largest speculative position pic.twitter.com/DZHLS8gMMU— Peter Brandt (@PeterLBrandt) October 21, 2024
*This is not investment advice.
