Peter Brandt, a veteran trader with over 40 years of experience, has set a target of $1,993 for Ethereum (ETH) following the asset’s breakout of a recently formed right-angled expanding triangle.
Brandt made this projection yesterday during his latest analysis of Ethereum’s recent price movements. The trader shared a daily ETH chart on X, identifying the formation of a right-angled expanding triangle pattern, which was completed on Oct. 23.
A right-angled expanding triangle, or a right-angled broadening wedge, features an upper trendline and a lower trendline, with both lines expanding apart. The pattern can either signal a potential continuation of the previous trend or a reversal.
Data from Brandt’s chart suggests that the beginning of this pattern dates back to Aug. 17. Notably, ETH collapsed 6.76% on the day, dropping to a low of $1,683.5. However, this massive red candlestick formed the base of the right-angled expanding triangle.
Amid Ethereum’s swings and lows since Aug. 17, the asset formed the broadening triangle, as it continued to trade within its confines until Oct. 23. Brandt’s analysis emphasizes that ETH completed the formation of the triangle on Oct. 23 amid a 6.17% increase that day.
ETH Forms Flag Pattern, Poised to Rally 8.6%
Interestingly, ETH broke above the upper trendline of the triangle, signaling a potential continuation of an uptrend that began on Oct. 12. However, after the breakout, Ethereum formed a flag pattern that lasted for nine days, from Oct. 24 to Nov. 1.
Brandt identified this flag pattern in his analysis. According to him, ETH recently completed the flag pattern, which is a further re-confirmation of the right-angled expanding triangle, which the asset completed on Oct. 23.
Notably, flags are typically consolidation patterns that suggest a brief pause in the prevailing trend before a potential resumption of that trend. Since breaking above $1,800, ETH has consolidated between $1,744 and $1,865, but with an upward trajectory.
The asset has now completed the nine-day flag, and a bullish continuation of the uptrend is expected. Brandt’s chart suggests a target of $1,993 for when Ethereum engineers another massive run. ETH would need to appreciate 8.5% from its current price to hit $1,993.
Ethereum trades for $1,836 as of press time, per CoinMarketCap data. The asset is up 1.76% over the past 24 hours, with its eyes set on conquering the $1,874 resistance. Impressively, ETH’s trade volume has increased 71.30% to a current value of $11.6 billion, ranking it third in volume.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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