Legendary Trader Calls $309 ETH

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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.”

ETH price prediction by Peter Brandt, April 2019.

“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).

Copyrights Trustnodes.com

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