Veteran trader Peter Brandt, known for his cautious stance on Ethereum, has acknowledged a potential breakout scenario for ETH.
Veteran trader Peter Brandt, who is known for his cautious stance on Ethereum, has now recognized a potential breakout scenario for ETH.
In a recent post, Brandt noted a significant congestion pattern forming in Ethereum’s price chart that “could support a moon shot,” despite his admitted tendency to avoid positive ETH commentary.
Brandt pointed to a symmetrical triangle formation that began in late 2022, following Ethereum’s recovery from the 2022 bear market. This pattern is characterized by converging resistance and support levels, creating a wedge-shaped structure.
The chart shared by Brandt highlights Ethereum consolidating within this symmetrical triangle, showcasing a stifling pattern. However, it’s worth noting that the technical indicator Relative Strength Index (RSI) on the chart indicates oversold conditions, which could be a sign of potential upward correction from oversold levels.
A breakout from this symmetrical triangle formation could signal a major upward move. Moreover, historical patterns like flags, descending triangles, and failure swings on the chart further support the notion of growing bullish momentum.
With ETH currently hovering near $2,840 and bullish sentiment returning across the crypto market, this technical setup could ignite a powerful rally if confirmed by a breakout above the resistance line.
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