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A new outlook on the price of the most important altcoin Ethereum (ETH) was recently published by a legendary trader Peter Brandtwho has been active in the financial markets since the 1970s. However, there was an interesting twist. But first things first.
Brandt highlighted a bullish wedge after retesting the upper boundary of the price range that Ethereum’s price broke out of. Brandt said it was the most bullish setup he’s seen this week. It is indeed, as the situation depicted in the attached chart looks like a textbook example of bullish price action.
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The catch, however, is that the veteran trader has reversed the scales and everything that served as the “most bullish setup” here is actually a bearish forecast. In fact, this is in line with Brandt’s recently publicly announced short on Ethereum, where he outlined the $1,651 target for the major altcoin, which is 40% below current levels.
Right or wrong?
Basically, Brandt trolled the bulls and publicly proved his bearish prediction for Ethereum once again. It will be interesting to see if this “bullish” price prediction for ETH actually pans out, as technical analysis, although widely recognized and respected, still offers no guarantee, especially in a market as chaotic as the crypto market.
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On the other hand, it wouldn’t be a huge surprise if it works, considering how perfectly all the puzzle pieces fit together. As things stand, all eyes are on Ethereum.
