Ethereum, one of the leading altcoins, could not perform as positively as expected in 2023. Even though the price exceeded $2,400, we saw altcoins in the market increase by more than tenfold. Moreover, even the price of BTC rose more than Ether. So, what is the target of the famous investor who has been in the business for 40 years for ETH?
Is It Sensible to Buy Ethereum?
The ETH price on the weekly chart has experienced an increase since May and formed two bottoms during this period. Although the price marked its annual peak at $2,400 after facing a tough resistance, it did not last long. It became a victim of timing as it confirmed the horizontal resistance. The Fed week was challenging, and despite applications, ETH could not attract buyers as expected.
However, the trader with 40 years of experience, Peter Brandt, believes that buying Ethereum is not sensible, at least for now. He has made many correct predictions in the past, but we have also witnessed him being wrong just as often. He wrote the following:
“Classic chart patterns in price charts are not sacred. They cannot always perform according to textbooks. However, if the rising wedge pattern in the Ethereum chart fits the scenario, my target is $1,000, and I established my short position on Friday. I think the decline will lead to a deeper bottom and we will go down to $650. Of course, I am cautious and have set my stop points.”
ETH Price Target
The resistance in the wedge is the same as the previous one and seems risky as it coincides with $2,420. The trend line of the rising wedge is at $1,720, and closures below this are extra risky. Of course, technical models do not predict the future.
The daily chart suggests a downward trend like Peter’s view, and the RSI indicates that the selling is continuing. According to the chart, ETH has separated from a rising support trend line that has been in place for 60 days, and the current situation signals that the attempt to rise has ended.
If sellers continue to drive the price down, the nearest support at $1,960 could be tested. Below that, there is support at $1,710, and a potential break could trigger rapid sales.
In the opposite scenario, we should see closures above $2,400, in which case the expected target of $3,600 could be exceeded.
