Trading Guru Sees Bullish Future for Ethereum, Targets $5,600 in Latest Analysis

Name	Symbol	Market	Market Cap ($)	Algorithm
Four	FOURRUSD	Crypto	1,117,512,480	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Four

FOURRUSD

Crypto

1,117,512,480

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000013	0.50%	0.002526

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000013

0.50%

0.002526

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.002567	0.002512	0.002519	0.002513	0.00000000 - 0.015217

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.002567

0.002512

0.002519

0.002513

0.00000000 - 0.015217

Exchange	Last Trade	Size	Trade Price	Currency
Cryptocurrency	01:38:47	0.00000000	0.002803	USD

Exchange

Last Trade

Size

Trade Price

Currency

Cryptocurrency

01:38:47

0.00000000

0.002803

USD

Price x Volume	Volume	Base Symbol	Related Pairs
0.00000000	0.00000000	FOURR

Price x Volume

Volume

Base Symbol

Related Pairs

0.00000000

FOURR

Trading Guru Sees Bullish Future for Ethereum, Targets $5,600 in Latest Analysis

17/07/2024 8:00am

NEWSBTC

Ethereum has so far witnessed intensified attention from the crypto community following the swirling reports of the likely launch of Ethereum spot exchange-traded-funds (ETFs) next week. Of those giving the asset increasing attention is Peter Brandt, a veteran trader who has recently shared exciting insights into Ethereum’s price action. Renowned for his decades-long track record in financial markets, the veteran trader has provided Ethereum’s highly optimistic technical analysis. Through his analysis of Ethereum’s price movements, Brandt predicts a potential surge that could redefine ETH’s current market standing. Related Reading: Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In $5600 On The Horizon Based On This Brandt’s projections are based on recently discovered a “four-month rectangle” on the Ethereum price chart. This pattern indicates a consolidation phase, where Ethereum has fluctuated within a stable price range. According to Brandt, such consolidation might be the calm before a significant upward breakout. This view provides investors with hope, and it is also consistent with general sentiment confirming that periods in which the price remains stable usually precede a bullish reversal. Delving deeper into the technical aspects, Brandt pointed to the “horn bottom.” This formation on the chart can be seen as a bullish reversal pattern indicating that ETH has always remained above critical support levels, regardless of how often it has tested lower limits. This horn bottom pattern is also associated with increasing buying pressure, indicating a rally may occur shortly. Brandt further substantiated his analysis by sharing a chart with his followers on X, detailing the technical patterns and setting a bold price target for Ethereum that exceeds $5,600. A perspective on $ETH Support was found at lower boundary of 4+ month rectangle, which was a retest of the Feb completion of a horn bottom Target, pending upside completion, is 5600+ pic.twitter.com/EThcM61KpW — Peter Brandt (@PeterLBrandt) July 15, 2024 This projection is based on the premise that if Ethereum can effectively breach the upper boundary of the rectangle pattern, it could trigger a significant price rally. Related Reading: Why Is The Ethereum Price Up Today? Ethereum Market Performance While Brandt has shared quite an optimistic projection of ETH rallying above $5,500, the asset still struggles below the $4,000 mark. ETH trades for $3,462 at the time of writing, up by 2.4% in the past 24 hours. The current market performance comes against the backdrop of the overall crypto market downturn and the circulating news of the likely launch of spot ETH ETFs by Tuesday next week. Eric Balchunas, a senior ETF analyst at Bloomberg, noted: [H]earing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course Featured image created with DALL-E, Chart from TradingView

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FOURRUSD Four