A brand new outlook on the worth of main altcoin Ethereum (ETH) was dropped just lately by legendary dealer Peter Brandt, who has been working on monetary markets because the Nineteen Seventies. Nonetheless, an fascinating twist emerged. However first issues first.
Brandt highlighted a bullish wedge after a retest of the higher boundary of the worth vary, from which the worth of Ethereum broke above. Brandt mentioned it was essentially the most bullish setup he has seen this week. Certainly it’s, because the state of affairs proven on the connected chart seems like a textbook instance of bullish value motion.
The catch, nevertheless, is that the veteran dealer has reversed the dimensions, and all the pieces proven right here that served because the “most bullish set-up” is definitely a bearish outlook. In actual fact, that is in keeping with Brandt’s latest publicly introduced brief on Ethereum, the place he outlined the $1,651 goal for the main altcoin, which is 40% under present ranges.
Thanks. This previous canine simply discovered a brand new trick pic.twitter.com/InwNrLJZJP
— Peter Brandt (@PeterLBrandt) August 15, 2024
True or false?
Mainly, Brandt trolled the bulls and as soon as once more publicly proved his bearish forecast for Ethereum. It is going to be fascinating to see if this “bullish” value prediction will truly work out for ETH, as technical evaluation, regardless of being well known and revered, nonetheless doesn’t assure something, particularly in such a chaotic market as crypto.
However, if it does work out, it might not be shocking in any respect, contemplating how completely all of the items of the puzzle match collectively. As issues stand, all eyes are on Ethereum.