Renowned trader Peter Brandt has recently taken a bullish position on Ethereum, using a descending wedge pattern to predict a breakout from $2,741 and set a target of $4,032. Brandt, known for his classical charting techniques, revealed his trades on social media, showcasing his confidence in Ethereum’s continued rise. In addition to Ethereum, Brandt has diversified his portfolio with long positions in Soybean Meal futures, SPDR Gold Trust, and Silver futures. However, it’s worth noting that Brandt had previously predicted a severe downturn for Ethereum, but his current stance is optimistic. On the weekly chart, Ethereum is showing a symmetrical triangle pattern, with a descending resistance line and an ascending support line. A successful breakout above the resistance line and the 0.786 Fibonacci level could lead to new all-time highs, while a failure to overcome resistance may result in a retest of lower support levels. This article serves as informational content and should not be taken as financial advice. Readers are advised to conduct thorough research before making any investment decisions.
