ETH May Take Moon Shot: Trading Legend Peter Brandt

Renowned commodity trader Peter Brandt with a long successful trading career has spotted a pattern that indicates that the second-largest cryptocurrency Ethereum, which Brandt often criticizes, may show a massive price increase soon.

Brandt published an $ETH chart, which he seldom does and if such a chart is featured in his tweets, those posts are mostly negative about Ethereum. But this time, the trader shared a bullish $ETH price prospect with his X followers.

This pattern could support $ETH's moonshot, Brandt says

In the tweet, the trading legend admitted that he usually prefers not to say anything good about Ethereum, and this attitude has earned him a reputation of an “$ETH hater” in the community. “I guess you are right,” he admits. He frequently calls Ethereum a “broken utility coin.”

However, he adds, “this congestion pattern could support a moon shot,” talking about the chart he posted. It shows that $ETH is currently moving within a long-term symmetrical triangle pattern. And, according to the chart, $ETH has been moving in this pattern since 2021.

Peter Brandt says if $ETH manages to overcome the $2,150 resistance level, it can target $4,000 or even higher. The last time $ETH was able to rise that high was November 16, 2021, when it reached an all-time high of $4,891.

Currently, after the recent 33% surge shown in a single day, Ethereum is changing hands at $2,370, which is 51.69% below the historic peak of 2021.

Ethereum ICO whale keeps dumping $ETH

While Ethereum has been rallying over the past few days, surging by over 38% between Wednesday and Friday this week, there is a whale who continues selling it and he was a participant of the Ethereum ICO – the very first initial coin offering in history.

This whale received 76,000 $ETH bought for just $23,560 from the Genesis block for just $0.31 per $ETH. Today he sold the remaining 1,900 $ETH on Kraken for $4.44 million. Before that, he also sold 5,200 $ETH on May 7, 1,500 $ETH on May 4, and 3,000 on April 17.

On that day, he came out of a three-year dormancy.