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In a recent analysis, esteemed financial market analyst and trader Peter Brandt highlighted compelling bullish signals on the Ethereum price chart. Brandt used his expertise in technical analysis to delve into the intricacies of chart patterns, shedding light on Ethereum's promising trajectory.
Thus, the trader pinpointed a significant development on the Ethereum price chart, emphasizing the completion of a small nine-day flag, reaffirming the earlier completion of a right-angled expanding triangle on Oct. 23.
This particular pattern, known as a right-angled expanding triangle, signifies a bullish reversal, characterized by a horizontal resistance line and a bearish downward trend forming the support.
The breakthrough moment came when ETH's price shattered the top trend line, confirming the bullish reversal and propelling the digital currency's price. Observers noted an upward surge, with Ethereum's value surging from $1,723 to $1,800 and beyond, reflecting the strength of the bullish momentum.
What now?
Brandt further dissected the price movement, highlighting the formation of another pattern, identified as a flag, after Ethereum surpassed the $1,800 threshold. Although Brandt did not specify whether the flag pattern was bullish or bearish, as you can see on the price chart, these are higher lows and higher highs, and if you look at what bearish flags look like, you will not be too bullish.
ETH is currently trading around the $1,837 mark and recently met resistance at around $1,850 per token.
All eyes are on the Ethereum price chart, and one thing is for sure: if technical analysis patterns work under current assumptions, and Brandt has proven that they do, then it is worth paying attention.
Arman Shirinyan
Alex Dovbnya
