Ethereum’s Price: Will It Soar or Just Hover? Find Out! 🚀

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As the crypto cosmos pirouettes into March, a month that promises both mirth and mayhem, the venerable trader Peter Brandt, a sage of the digital bazaar, has graced us with his musings on Ethereum‘s capricious price dance. In a tweet that could make even the most stoic of traders chuckle, Brandt proclaimed that the “Ethereum (ETH) chart can now be viewed as a potential 11-month rectangle.” Ah, the rectangle—a shape so beloved by mathematicians and traders alike! 🟦

ETH chart $ETH now can be viewed as a potential 11-month rectangle.

— Peter Brandt (@PeterLBrandt) March 2, 2025

This rectangle, dear reader, is not merely a geometric curiosity; it is a veritable stage upon which the drama of indecision unfolds. Picture it: price oscillating between the parallel lines of support and resistance, like a tightrope walker teetering on the brink of enlightenment—or disaster. The price, in its infinite wisdom, will repeatedly “test” these levels, much like a cat testing the warmth of a sunbeam before committing to a nap.

Brandt, in his infinite generosity, accompanied his tweet with an ETHUSD monthly chart, a veritable tapestry of potential, showcasing the rectangle pattern with its parallel lines of fate. He pointed out support at $2,150 and a breakout target of $6,004. Ah, the sweet scent of potential profits wafting through the air! 💰

Rectangle patterns, those charming little harbingers of accumulation, often precede a grand breakout. Should ETH muster the courage to breach the parallel resistance levels, we might witness a buying frenzy that sends it soaring to the lofty heights of $6,004, as Brandt so optimistically suggests. But beware! Should ETH falter, it may find itself languishing in the rectangle, or worse, revisiting the lower support levels like a wayward traveler lost in the wilderness.

Ethereum price action

As I pen these words, ETH has experienced a delightful uptick of 4.74% in the last 24 hours, now prancing at $2,354. The recent announcement that Bitcoin and Ether would be included in a crypto strategic reserve has provided a much-needed lifeline, helping ETH rebound from last month’s dramatic plunge—like a phoenix rising from the ashes, or perhaps just a cat that refuses to stay down.

According to a recent Glassnode analysis, the largest accumulation zone for Ethereum is at $1,890, where a staggering 1.82 million ETH are nestled. This supply concentration, which began in August 2023, suggests that cyclical investors with the conviction of a thousand suns are at play. The level of $2,100 stands as the last notable accumulation level before the $1,890 zone, but it holds a mere 500,000 ETH—pittance compared to the major support level below it.

A two-year view of the ETH Cost Basis Distribution (CBD) reveals that those who accumulated ETH in August 2023 remain steadfast, some even increasing their cost basis in November 2024, buying into last year’s rally while deftly avoiding the pitfalls of major distribution at range highs. A six-month view, meanwhile, showcases a robust engagement from investors with a cost basis much higher, particularly around the $3,500 mark. Ah, the sweet, sweet irony of investing! 🎢

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2025-03-03 17:52