Veteran trader Peter Brandt comments on Ethereum price action as the market embarks on a new cryptocurrency rally.
Bitcoin, the largest cryptocurrency by market capitalization, rose to $44,000 for the first time since April 2022. Ethereum, the currency linked to the Ethereum blockchain network, also soared in response to the bullish momentum, hitting highs of $2,312 on the session. today’s negotiation.
In a new tweet, Brandt asks his 705,100 followers if Ethereum will emerge from the shadows anytime soon. He says that at least three narratives are possible, about which he launched a survey for his followers to participate.
Visual for reference pic.twitter.com/16YP1sZMQL
– Peter Brandt (@PeterLBrandt) December 6, 2023
Brandt’s three narratives include a classic wedge targeting the $900 price for ETH. The second narrative is a continuing wedge pattern that, if verified, has a price target of $3,300.
The famous trader’s third narrative is “Morphology Ahead,” which could imply that Ethereum price action is still brewing and in the process of taking a particular shape or structure. Brandt provides a visual representation of these price patterns.
The first option, the classic wedge, obtained 24% of the votes in favor. 60.7% of respondents voted for the most likely option of a moving wedge with a target of $3,300 given the current market situation. In total, 15.3% of respondents voted in favor of the “Morphology ahead” option.
Typically, a wedge pattern can indicate bullish or bearish price reversals. A rising wedge (indicating a bearish reversal) or a falling wedge (indicating a bullish reversal) are the two types of wedge patterns.
At the time of writing, ETH had gained 2.16% in the previous 24 hours and was trading at $2,264.
In related ETF news, the Securities and Exchange Commission (SEC) announced that it will take more than 45 days to review a rule change that would allow Grayscale to transform its Ethereum trust into an Ethereum spot ETF. The new deadline was set for January 25, 2024.
