Ethereum

Amid the ongoing downturn in the cryptocurrency market, veteran trader and technical analysis expert Peter Brandt recently proposed his views on the world’s 2nd biggest cryptocurrency, Ethereum. Peter made a post on X (previously Twitter) where he analyzed the Ethereum chart and cited that the pattern on the chart is intriguing, and he is attempting to label it. Here’s What Peter Brandt shared about Ethereum 
Additionally, he excluded the possibility of it being a flag pattern due to its length and suggested it resembled a channel pattern instead, where the price moves between two parallel lines. Brandt’s remark “I could go either way with this chart” indicates his indecision about the future price direction. He may be considering factors like support and resistance levels, market sentiment, and technical indicators before deciding whether to buy, sell, or hold Ethereum. 
If we look at the Ethereum chart on a daily time frame, it appears that the price has continuously fallen but in a slow manner. However, this might be the reason behind this intriguing chart. According to expert technical analysis, Ethereum is looking bearish and currently trading near the support level which is $2,930.&nbsp;
This support level should be a crucial level for Ethereum (ETH) if ETH on a daily time frame gives a candle closing below $2,860, then there is a high probability that it could fall to the $2,660 level. On the other hand, there is also a chance of bullish momentum that ETH could hit the $3,150 level if market sentiment changes. Ethereum price-performance analysis 
Currently, <a href="https://news.todayq.com/ethereum-whales-buy-the-dip-accumulate-155-mln-eth/" rel="noopener noreferrer nofollow">Ethereum</a> is trading near $2,960, and in the last 24 hours, it experienced a 1.5% downside momentum. If we look at the performance of Ethereum over a longer period, in the last 7 days, it remained stable. Whereas, in the last 30 days, Ethereum experienced a price drop of over 18%. However, due to this confusion in the market sentiment, the 24-hour volume has also dropped by 5%, and it currently stands near $10.9 billion.
Besides Ethereum, currently, the majority of top cryptocurrencies including Bitcoin, Solana, Ripple, Dogecoin, and many others are also struggling to gain momentum. Whereas, in the last 30 days, all these mentioned cryptocurrencies experienced massive price drops.

Peter Brandt sees intriguing pattern on Ethereum chart, Is this a bullish signal?

Todayq News

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