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Old-school commodity trader Peter L. Brandt, who has been in the trading business since the mid-1970s, and is now also into Bitcoin, has commented on the new historic price peak.
He has many times criticized ETH but admitted that, as a trader, he would still trade it, regardless of his attitude to it as an asset.
"Powerful" ETH surge to new ATH
Sharing an X post by an X user, Cheds Trading, which contains a breakout pattern of ETH on a TradingView chart, Brandt wrote just a single word: “Powerful.” The second-largest cryptocurrency shows a 15%+ price surge within a single day, jumping from $4,238 to $4,885 and thus hitting a new historic price peak.
The previous one was reached in November 2021. This time, Ethereum logged a massive surge after the head of the Federal Reserve, Jerome Powell, announced that a rate cut would take place next month. The crypto market reacted immediately. However, the Bitcoin dominance slipped to 56.5% and Ethereum smashed a new all-time high. At press time, Ethereum is trading at $4,739.
As for BTC, it also went up, adding 4.6% and hitting $117,420 thanks to a massive green candle. By now, Bitcoin has slightly rebounded and is changing hands at $115,700.
Coinbase CEO, Brian Armstrong, also highlighted the new historic price surge demonstrated by Ethereum, posting a tweet about this and congratulating the community.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team