After the unveiling of the Pectra update in early May, the price of the ETH climbed up to 40% in just eight days.
Although the two events are not necessarily correlated – the price of Ethereum decreased during the update week – rapid recovery of cryptocurrency is remarkable. The rebound was so dramatic that Peter Brandt, an eminent figure of the technical analysis, completely reversed his position on Ethereum. After several years of skepticism, he now predicted a bullish escape.
This change of opinion is based on the emergence of a symmetrical triangle, a graphic model which often signals an imminent significant movement. An escape above this training could first propel the ETH at $ 3,500, then potentially at $ 4,000. This strongly contrasts the previous forecasts of Brandt, which projects a price collapse of less than $ 800. This change of perspective underlines how technical indicators can quickly reshape the dominant market accounts.
By reversing his position, Brandt does not only correct his forecasts, but also helps restore confidence in a market that seriously needs it. Raoul Pal, a former Goldman Sachs executive and founder of Real Vision, who shares Brandt’s optimistic perspectives, adds weight to this optimism. When several respected analysts align in their predictions, this creates a social validation effect which can further encourage us to join us, accelerating the ascending movement.
This new wave of optimism has not come out of blue: ETH has already jumped 30%, breaking several levels of key technical resistance. This indicates that the market is very receptive to bruise signals, and a trend reversal can be in progress. If the symmetrical triangle mentioned by Peter Brandt takes place, we could attend a new phase of accumulation, attracting more and more retail and institutional traders. Bitcoin also showing strong resilience, the combined momentum of the two leading cryptocurrencies could prepare the ground for a new golden age on the cryptography market.
ETH finally has a historic bull phase?
Beyond the simple graphic model, this whole situation reveals a deeper change in the overall feeling of the cryptography market. If Ethereum confirms this upward trend, this could be a cycle with long -term objectives capable of going to $ 10,000 or more to a long term term. This will certainly redefine the ambitions of investors and will revive the interest of the public. Above all, this shows that a fundamental analysis of the cryptography market is quite positive. Between an increasingly mature technology (thanks to the update of the pectra, among others), an increasing institutional adoption and favorable technical signals, the sector should take the next step. The triangle rupture could well point out a change towards a phase of global rational euphoria.
