- ETH chalked a bullish reversal pattern.
- Option data was less optimistic about an ETH breakout before the U.S. elections.
As a seasoned crypto investor with a knack for spotting trends and patterns, I find Peter Brandt’s analysis of Ethereum’s inverse head-and-shoulder pattern intriguing. The potential breakout above the neckline resistance at $2.7k could indeed propel ETH towards $3.3K, as suggested by the bullish reversal formation. However, I’m not entirely convinced just yet due to the current weak demand for ETH.
Despite intense negativity (FUD) surrounding Ethereum‘s price over the last few months, it has shown remarkable strength and resilience. The leading altcoin saw a 12% surge during its recent recovery, climbing from a support level at approximately $2,300 to reach a peak of $2,600.
As per Peter Brandt’s analysis, there’s a possibility that the price of ETH might significantly increase more due to an inverted head-and-shoulders pattern – a bullish sign indicating a potential price reversal.
Can ETH cross $3K?
As a researcher examining market trends, when I observe a price surge exceeding the resistance level of approximately $2.7k in a head-and-shoulders chart, historically, this could potentially indicate a target reach equal to the distance between that peak and the previous resistance line.
As a cryptocurrency investor, I find myself eyeing the potential value of Ethereum reaching approximately $3,300. This significant figure aligns with the bearish Order Block (OB) and the resistance level, which I’ve marked in white on my charts, suggesting a possible obstacle to further growth.
As an analyst, I’ve observed that Ethereum (ETH) demand remains relatively low, which might prolong Brandt’s projection timeline. Over the past month, specifically since late September, the Coinbase Premium Index, a key indicator of U.S. investor interest in ETH, has shown a negative trend. This suggests decreased appetite for Ethereum in the United States market.
historically, a surge in U.S. interest for ETH has typically corresponded with an upward price trend. However, it’s yet to be determined if Vitalik Buterin’s latest roadmap for ETH will shift the market’s outlook.
To put it simply, the sentiment in the options market suggested that Ethereum might not reach $3,000 prior to the U.S. elections in November.
Based on Deribit’s findings, it was estimated that Ethereum (ETH) had an 8.6% probability of reaching $3,000 before the end of October. However, this probability increased significantly to 31% by November.
In short, options data suggested a higher chance of ETH breakout after the U.S. elections.
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2024-10-15 21:11