Home Ethereum to fly higher according to trading legend Peter Brandt

Ethereum to fly higher according to trading legend Peter Brandt

Renowned trader with multiple decades of experience Peter Brandt supports the thesis that Ethereum (ETH) is in for a bull run.

In his Oct. 21 X post, Brandt showed a chart suggesting that Ethereum has gone through a bullish trend reversal following a breakout after multiple consecutive lower highs on the daily candle chart. Despite his bullishness, he noted that he does not currently hold any position himself:

“I am flat in ETH.”

ETH Daily Chart by Peter Brandt
ETH Daily Chart by Peter Brandt

Brandt also revealed that he holds a sizable Bitcoin long position. He sees a seven-month inverted expanding triangle forming on the weekly chart, but notes that the sequence of lower highs and lower lows has not yet been violated — suggesting that he expects this trend to reverse soon. He disclosed:

“Long Bitcoin is my single largest speculative position.”

Market data

At the time of writing, Ethereum is trading at $2,670 after losing nearly 1% over the last 24 hours and gaining 1.5% over the last seven days. Bitcoin has seen more substantial losses and is trading 2.1% lower than 24 hours ago and 1.6% higher than seven days ago.

CoinMarketCap’s global charts show that the market cap of all the cryptocurrencies currently stands at $2.32 trillion. This is 1.7% lower than what was reported 24 hours ago but also 1.31% higher than its value seven days ago.

The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, currently stands at 72, indicating that the crypto market is now overrun by greed. In such cases, the instrument is being interpreted as a warning of a possible imminent correction — but no instrument can guarantee any kind of market performance. The website reads:

“When Investors are getting too greedy, that means the market is due for a correction.”

The news follows Ethereum co-founder Vitalik Buterin recently proposing several changes to Ethereum’s proof-of-stake (PoS) consensus protocol. He recognized that transition to PoS was a success, but he is not yet satisfied with how the network is running:“Today, Ethereum has been a stably running proof of stake system for almost exactly two years, and this proof of stake has performed remarkably well in stability, performance and avoiding centralization risks. However, there still remain some important areas in which proof of stake needs to improve.”

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Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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