As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I have learned to always tread cautiously when it comes to making predictions or decisions based solely on technical analysis or the opinions of self-proclaimed gurus. However, the recent surge in Ethereum’s price has caught my attention, and I find myself intrigued by the latest moves of Peter Brandt, a trader known for his candor and market insights.
Today, the digital currency Ethereum, which ranks second in terms of market value among all cryptocurrencies, reached over $3,000 during its trading sessions, extending a three-day streak of increases.
As I pen this down, Ethereum (ETH) has surged by 4.46% over the past 24 hours, currently trading at around $3,051. This uptrend follows an intraday peak of $3,061. Notably, this surge coincides with Bitcoin hitting yet another record high, climbing to $77,312 in today’s trading session.
It’s worth mentioning that Ethereum tends to yield higher returns than Bitcoin over daily and weekly periods. Specifically, Ethereum has seen daily gains of 5% and weekly gains of 22%, while Bitcoin has only managed 1% daily and 10% weekly increases during the same timeframe.
As Ethereum gains traction in the market, not everyone is fully convinced of a continued rally.
Experienced investor Peter Brandt, who often shares straightforward opinions about crypto market movements, recently made an unexpected statement towards Ethereum supporters following his decision to buy Ethereum.
Apologies ETH investors,
— Peter Brandt (@PeterLBrandt) November 9, 2024
Humorously expressing his position, Brandt tweeted, “I’m afraid to spoil the game for Ethereum optimists. I’ve gone long on Ether. Unfortunately, I tend to counteract ETH trends.
As a crypto enthusiast, I find myself intrigued by Brandt’s recent tweet hinting at a possible change of direction for Ethereum prices. Although he didn’t provide specific details, the playful tone suggests a potential downturn or reversal in its trajectory, leaving us all wondering about his interpretation and what might unfold next.
Impending reversal?
Brandt posted a snapshot of the Ethereum daily chart on Twitter, emphasizing a potential diagonal trendline and a projected breakout point at approximately $2,964 due to a possible pattern breakthrough.
In two distinct examinations conducted in October, Brandt pointed out that an upside-down head and shoulders pattern or a head and shoulders bottom formation might be emerging on the Ethereum chart. At that point, he clarified that he had no active positions (long or short) in ETH.
A significant turning point known as an inverted head-and-shoulders formation appears towards the end of a downward trend. This pattern consists of three consecutive low points, with the middle one being the most profound. Typically, the potential target is calculated by determining the height from the neckline to the lowest point of the head. After that, this measurement is combined with the distance from the breakout point of the neckline.
According to Brandt’s latest assessment, the projected figure of $2,964 has been significantly exceeded. When dealing with the inverted head and shoulders pattern, it’s advisable to close the trade once the price hits the target level or exhibits indications of a possible reversal.
Technical patterns might not always accurately predict the direction of future price changes; broader market sentiment can also influence this. However, it’s uncertain where Ethereum will head in the future.
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2024-11-09 16:32