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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 Nov. 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.
Vladislav Sopov