As a seasoned crypto investor with over two decades of experience under my belt, I’ve seen my fair share of market volatility and price swings. The recent 10% surge in Ethereum’s price within a week is not an unfamiliar sight to me, especially given the broader bullish trend that has been gripping the crypto market as a whole following last week’s correction.
In the last week, Ethereum‘s value has gone up by nearly 10%. At present, its price hovers just beneath the significant threshold of $3,400.
The increase we’re seeing aligns with the broader market trend, which has been quite bullish lately after last week’s correction.
The price has dipped a bit in the past few hours after briefly touching $3.5K on Binance.
One seasoned prop trader with over five decades of experience, Peter Brandt, has recently shared his thoughts on Ethereum’s price, indicating a potential significant increase.
In a recent tweet, Brandt expressed his viewpoint regarding Ethereum. He noted that the price had touched the lower limit of a four-month long rectangle, representing a revisit to the point where the February “double top” pattern completed.
In the realm of technical analysis, a “horn bottom” pattern is recognized by the presence of two notable declines, each resulting in a large, downturned candlestick, with a small, insignificant candle sandwiched between them. This setup is typically followed by a robust uptrend or rally.
Here is Brandt’s chart:
It’s noteworthy that he mentioned the price target for resolving this pattern in Ethereum is over $5,600. This implies a potential gain of approximately 64% if achieved.
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2024-07-16 14:12