While the approval of spot Ethereum ETFs has been met with enthusiasm in the market, an optimistic picture is drawn for ETH in general.
At this point, while the upward expectation for the ETH price is increasing, another prediction came from the famous analyst Peter Brandt.
Stating that he is in favor of classical charts as an investor, Peter Brandt said that he shares his expectation of ETH as a swing trader who draws lines on the charts and buys/sells formation breaks.
Accordingly, Brandt, who expects an increase in Ethereum, points out that there is a classic descending wedge pattern on the ETH chart.
Referring to the feature of this model as a bullish signal that generally indicates an upward break, Brandt stated that the upward momentum in the Etheruem price started at $ 2,741.
Noting that there was a bullish break at $2,741, Brant set his first target for ETH as 4,083.
As a trader I'm a classical chartist (Schabacker, 1934)
I'm a swing trader who draws lines on charts & buys/sells pattern breakouts
Hit rate = 55%
Here are 4 trades I'm in now with entry/targets noted
Long $ETH spot
Long Meal futures $ZMN24
Long $GLD
Long Silver futures $SIU24 pic.twitter.com/pc1V8WJxhO— Peter Brandt (@PeterLBrandt) May 26, 2024
Although legendary analyst Brandt expected an increase for Ethereum, he had previously stated that he expected a decrease by comparing ETH to garbage and scrap in his previous analysis.
*This is not investment advice.
