- Legendary trader Peter Brandt finds Ethereum price chart ‘intriguing’
- Ethereum price showed signs of recovery, the number of new addresses increased
Ethereum has seen a volatile mix of price movements so far, first falling below the $3,000 threshold in recent days before rising above it again.
This price action caught the attention of both traders and investors, with the asset up 1.4% early Friday morning. This rally marks a turning point for Ethereum as it looks to maintain momentum above this key price level.
Analysis of Ethereum Charts and Broader Market Sentiment
Amid these hesitations, Peter Brandt, a seasoned trader with years of experience in the financial markets, turned to the social media platform.
to express his views on the current Ethereum price chart, which he called “intriguing.” His analysis sparked a wide range of debate among the business community.
Brandt’s examination of the Ethereum price chart revealed two potential patterns: a flag and a channel. He originally interpreted this pattern as a flag, which is usually seen as a continuation pattern that appears during short pauses in dynamic market trends.
However, after further analysis, Brandt suggested that this model may more closely resemble a channel.
This structure is defined by two parallel sloping lines, and price tests each boundary at least twice. Despite the ambiguity in defining the exact pattern, Brandt emphasized the possibility of a breakout in either direction, indicating a neutral stance on the near-term future price movement of Ethereum.
This neutrality is reflected in overall market sentiment.
For example, data de Santiman pointed out that sentiment towards major crypto assets remains “negative”, a trend that has continued since the Bitcoin halving occurred on April 19. This episode failed to catalyze a significant increase in market capitalization across the entire sector.
This general consensus suggests that while immediate gains are possible, the market remains cautious about the long-term outlook.
Signs of recovery and technical forecast
However, despite the prevailing bearish sentiment, there are signs of a possible recovery on the horizon.
According to Glassnode dataThe number of new Ethereum addresses has increased, exceeding 160,000 from a low of below 100,000 in early January.
This increase in new addresses could be a bullish signal for Ethereum, indicating increased interest and potential investment in the asset despite recent difficulties.
From a technical perspective, Ethereum’s daily chart at the time of publication was still highlighting a bearish trend with sustained breakouts of the bearish structure. However, a closer look at the 4-hour chart showed that Ethereum could see an upward move in the short term. This possible increase could be a strategic move by the market to attract liquidity to higher levels before continuing the prevailing bearish trend.
Source: ETH/USDT, TradingView.
Additional Analysis AMBCrypto supported this opinionobserving increased volatility in Ethereum price movements, as indicated by Bollinger Bands.
Finally, the relative strength index (RSI) reached 40, adding to the strong bearish sentiment in the market.
This is an automatic translation of our English version.