A new outlook on the price of major altcoin Ethereum (ETH) was dropped recently by legendary trader Peter Brandt, who has been operating on financial markets since the 1970s. However, an interesting twist emerged. But first things first.
Brandt highlighted a bullish wedge after a retest of the upper boundary of the price range, from which the price of Ethereum broke above. Brandt said it was the most bullish setup he has seen this week. Indeed it is, as the situation shown on the attached chart looks like a textbook example of bullish price action.
The catch, however, is that the veteran trader has reversed the scale, and everything shown here that served as the “most bullish set-up” is actually a bearish outlook. In fact, this is in line with Brandt’s recent publicly announced short on Ethereum, where he outlined the $1,651 target for the major altcoin, which is 40% below current levels.
Thanks. This old dog just learned a new trick pic.twitter.com/InwNrLJZJP
— Peter Brandt (@PeterLBrandt) August 15, 2024
True or false?
Basically, Brandt trolled the bulls and once again publicly proved his bearish forecast for Ethereum. It will be interesting to see if this “bullish” price prediction will actually work out for ETH, as technical analysis, despite being widely recognized and respected, still does not guarantee anything, especially in such a chaotic market as crypto.
On the other hand, if it does work out, it would not be surprising at all, considering how perfectly all the pieces of the puzzle fit together. As things stand, all eyes are on Ethereum.
