Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
Alex Dovbnya