Peter Brandt, a trader since 1976 in the commodities markets, has called for $309 per eth based on an ascending triangle. A technical analysis site says:
“The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern.
There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.
Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.”
“Things look great for cryptos at the present time,” Brandt said . “My assumption is always to give trends the benefit of the doubt — that periods of uncertainty normally are resolved in the direction of the dominant trend. I view the dominant trends to be up.
But, there are several things that would tell me it is time to check our enthusiasm. A decline and close below $151 or so by ETH would be a yellow flag.”
In the absence of such decline, then presumably as far as technical analysis are concerned in this log scale chart, eth would have a clear path to $300.
This is the second notable eth prediction by Brandt. The first one was in August 2018 when he correctly predicted an eth price fall to $124.
Few believed him at the time, but he turned out to be right. About four months later, eth fell to as low as $80.
When he now thinks eth will reach $300 is not clear, but it does look like the sentiment has changed as the ethereum ecosystem starts taking shape with the rise of decentralized finance (DeFi).