Ethereum

April

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Veteran trader <a href="https://twitter.com/PeterLBrandt/status/1732371586408415610">Peter Brandt</a> comments on <a href="https://u.today/ethereum-eth-risks-return-to-2000-in-event-of-this-scenario">Ethereum</a> price action as the market embarks on a fresh crypto rally.
<a href="https://u.today/bitcoin-btc-price-on-brink-of-40000-as-max-keiser-predicts-new-record-high">Bitcoin</a>, 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.
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 Visual for reference <a href="https://t.co/16YP1sZMQL">pic.twitter.com/16YP1sZMQL</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1732371681950527660?ref_src=twsrc%5Etfw">December 6, 2023</a>
</blockquote> 
<a href="https://twitter.com/PeterLBrandt/status/1732371681950527660">Brandt's</a> three narratives include a classic wedge that targets the $900 price for <a href="https://u.today/ethereum-eth-whales-enter-aggressive-accumulation-signal-for-bulls">ETH</a>. 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.
The 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.

Ethereum: Veteran Trader Peter Brandt Presents Three Narratives for ETH Price

U_Today

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