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Since the 1970s, Peter Brandt has been a significant figure in financial markets, creating optimism in the Ethereum (ETH) community. Known for his expertise in technical analysis, Brandt identified bullish formations in the Ethereum price chart. These analyses indicate the potential for Ethereum to reach new price highs.
Which Model Did Brandt Use for Ethereum?
Brandt’s analysis focuses on the “four-month rectangle” model. This model shows that the price is consolidating within a specific range, forming a base for a potential breakout. According to Brandt, this consolidation phase could significantly elevate Ethereum’s price.
Additionally, a bullish “horn bottom” formation was observed in the Ethereum price chart. This formation indicates a pattern where the price drops twice but does not break a critical support level, often seen as a sign of accumulating buying pressure.
Brandt shared a detailed price chart to support his analysis and set a target price of $5,600. This target represents a significant increase from current levels and has caught the attention of the crypto community. Many have started speculating about Ethereum’s potential to reach these new highs.
Ethereum ETF Will Support the Price
Brandt’s bullish prediction coincides with other exciting developments in the Ethereum ecosystem. Specifically, there is growing anticipation around the potential approval of an Ethereum exchange-traded fund (ETF). The Securities and Exchange Commission (SEC) is rumored to give preliminary approval to several Ethereum ETF proposals as early as July 23. An approved ETF would provide investors with a traditional investment vehicle to access Ethereum, potentially driving the price even higher.
The potential approval of an Ethereum ETF is seen as a significant milestone for the cryptocurrency. This development would offer investors a more accessible and regulated way to participate in the Ethereum market, increasing its appeal to institutional investors. The influx of institutional capital could significantly boost Ethereum’s price and support Brandt’s bullish outlook.
