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Veteran trader Peter Brandt comments on Ethereum price action as the market embarks on a fresh crypto rally.
Bitcoin, the largest cryptocurrency by market capitalization, surged to $44,000 for the first time since April 2022. Ethereum, the coin linked to the Ethereum blockchain network, also soared in response to the bullish impulse, touching highs of $2,312 in today's trading session.
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 poll for his followers to participate in.
Brandt's three narratives include a classic wedge that targets the $900 price for ETH. The second narrative is a running wedge pattern, which, if verified, has a price target of $3,300.
The famed trader's third narrative is "Morphology ahead," which could imply that the Ethereum price action is still brewing and in the process of taking a particular form or structure. Brandt provides a visual representation of these price patterns.
Tomiwabold OlajideThe first option, the classic wedge, received 24% of votes in favor. The amount of 60.7% of respondents voted for the more likely option of a running wedge with a target of $3,300 given the current market standing. A total of 15.3% of the respondents voted for the 'Morphology ahead' option.
Typically, a wedge pattern can indicate either bullish or bearish price reversals. A rising wedge (which indicates a bearish reversal) or a descending wedge (which indicates 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 ETF-related news, the Securities and Exchange Commission (SEC) has 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 has been set for Jan. 25, 2024.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov