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Savvy old-school commodities trader Peter Brandt has published a tweet about the second-biggest cryptocurrency, Ethereum, which he usually criticizes. However, Brandt has often admitted that as a trader he does not mind trading even that asset, though he prefers Bitcoin.
Brandt highlights Ethereum breakout
This time, he spotted a bullish pattern on the Ethereum chart and highlighted the ETH breakout as it soared from $2,498 to $2,710 on an hourly graph. Brandt used a monthly Ethereum chart to send his message to his X audience.
Peter Brandt tweeted: “Every dog has its day -- woof woof $ETH,” referring to the current meme coin frenzy, as if comparing ETH to canine-inspired tokens, which he also considers worthless and their price surges to be very short-lived.
Meanwhile, cryptocurrency analyst Ali Martinez has also published a tweet regarding Ethereum. Noticing ETH’s recent price jump, he believes it is important to “wait for a sustained close above $2,750” before turning bullish on the second-largest crypto since, if ETH gets rejected above that level, the price might rebound to $2,500 or even drop to $2,380.
Ethereum ETFs draw in millions of USD on Friday
On June 6, nine spot Ethereum ETFs saw a netflow of 6,819 ETH, which is equal to $17.3 million. The largest inflow was welcomed by BlackRock’s iShares ETF (IBIT) as it scooped up 6,356 ETH worth $16.13 million. Now, this exchange-traded fund holds a total of 1,513,131 ETH valued at almost $4 billion in fiat.
On the same day, Invesco Galaxy Ethereum ETF drew in 543 ETH. As for the rest of the ETFs, Grayscale Ethereum Trust and the Ethereum Mini Trust of the same company saw outflows of 78 ETH and 2 ETH, respectively. The other ETFs faced zero inflows on that day.
Vladislav Sopov
U.Today Editorial Team