U.Today - Veteran trader Peter Brandt, regarded by many as a legendary figure on the financial markets since the 1970s, has sparked a wave of optimism in the Ethereum (ETH) community with his latest analysis. Brandt, known for his expertise in technical analysis, identified bullish chart patterns suggesting a potential price surge for the leading altcoin.
Thus, Brandt pointed to a "four-month rectangle" on the Ethereum price chart. This technical indicator suggests a period of consolidation, where the price has been trading within a defined range. In his view, this consolidation could be a precursor to a breakout, potentially propelling the price of ETH up north.
Further bolstering his bullish outlook, Brandt identified a bullish "horn bottom" pattern. Explained simply, a horn bottom is a reversal pattern where the price dips down twice but fails to break a key support level, forming a hornlike shape. This pattern is often seen as a sign of accumulating buying pressure and a potential price increase.
To illustrate his analysis, Brandt reportedly shared a price chart highlighting the identified patterns and his target price for ETH. This target sits comfortably above $5,600, a significant jump from current levels.
Brandt's bullish call coincides with exciting developments surrounding a potential Ethereum ETF. Industry experts suggest the SEC might grant preliminary approval to several proposals by next Tuesday, July 23.
An ETF would allow investors to gain exposure to Ethereum through a traditional investment vehicle, potentially attracting new capital and boosting the price.