Ethereum’s price has risen almost 10% in the past seven days. It is currently trading slightly below the important $3,400 mark.
This uptick is in line with the rest of the market, which is currently experiencing considerable bullish momentum following the correction that took place last week.
The price has dipped a bit in the past few hours after briefly touching $3.5K on Binance.
That said, one of the most popular prop traders with 50 years of experience, Peter Brandt, has recently commented on the ETH price, outlining the possibility of a considerable surge.
In a tweet from earlier today, Brandt shared his “perspective” on ETH, saying that “support was found at the lower boundary of 4+ month rectangle, which was a retest of the Feb completion of a horn bottom.”
Now, a a horn bottom pattern in technical analysis is referred to price action identified by two downward spikes embracing a tiny middle candle, followed by a sharp rally.
Here is Brandt’s chart:
The interesting bit is that he said that the target for this pattern’s resolution is above $5,600. If it happens, this would mean an increase of around 64% for ETH.
