Veteran trader Peter Brandt, known for his cautious stance on Ethereum, has acknowledged a potential breakout scenario for ETH.
In a recent post, Brandt pointed to 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.
The chart he shared illustrates Ethereum consolidating within a symmetrical triangle over the past few years, with strong support around $2,150.
A breakout from this formation could signal a major upward move. Historical patterns like flags, descending triangles, and failure swings 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.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/peter-brandt-ethereum-poised-for-breakout-amid-congestion-pattern/