Legendary trader Peter Brandt has sparked intrigue in the Ethereum market, as the price chart for the popular cryptocurrency continues to show signs of recovery. Despite initial drops below the $3,000 mark, Ethereum has bounced back, appreciating by 1.4% in the early hours of Friday.
Brandt, known for his expertise in financial markets, took to social media to share his analysis of the Ethereum price chart, describing it as “intriguing.” He pointed out potential patterns such as a flag and a channel, suggesting the possibility of a breakout in either direction.
Market sentiment towards major cryptocurrencies, including Ethereum, remains negative, according to data from Santiment. However, there are signs of a possible recovery on the horizon, with an increase in new Ethereum addresses indicating growing interest in the asset.
Despite a bearish trend on the daily chart, closer analysis on the 4-hour chart suggests a potential short-term upward move for Ethereum. Increased volatility in price movements and a strong bearish sentiment, as indicated by the Relative Strength Index, are factors to consider in the current market environment.
As Ethereum continues to navigate through these volatile price movements, investors and traders are keeping a close eye on developments to determine the future direction of the cryptocurrency’s price.