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.”
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.”
