According to U.Today, veteran trader Peter Brandt has sparked discussion among the cryptocurrency community with his analysis of Ethereum's chart, which he describes as 'very intriguing.' Brandt, renowned for his insightful analysis and extensive experience in financial markets, shared his perspective on Ethereum's price action. Ethereum, the second-largest cryptocurrency by market value, has been displaying some notable activity on the charts, drawing the attention of analysts such as Brandt.
Brandt's analysis comes at a pivotal time for Ethereum, as the cryptocurrency market navigates a period of volatility and uncertainty. Bitcoin, the first and largest cryptocurrency by market capitalization, fell to intraday lows of $60,601, following three days of losses. Ethereum also mirrored Bitcoin's price action, falling for three days to a low of $2,937 on May 8. At the time of writing, Ethereum was trading below $3,000, down 1.05% in the last 24 hours to $2,972.
In his analysis, Brandt considers two chart patterns to assess Ethereum's potential trajectory. He characterizes Ethereum's chart as 'very intriguing' due to the uncertainty of these two patterns. In one case, Brandt considered that the pattern he highlighted on the Ethereum price chart resembled a flag: a continuation pattern that often appears during a brief pause in either a bullish or bearish trend. He argues that due to its length, the pattern might not be considered a flag, but a channel seems the most likely label. A channel forms when price action is controlled by two parallel, sloping lines and the price has tested each of these lines at least twice. A flag might appear as a small channel after a steep trend, which develops in the opposite direction.
Brandt believes that Ethereum's chart warrants careful consideration and analysis given the uncertainty of the next price movements. Whether a flag or a channel, both have the potential of a breakout in both directions either up or down. 'I could go either way with this chart,' Brandt explained.