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Ethereum to $6,000? Peter Brandt Highlights Key Chart Pattern
Renowned trader and market analyst Peter Brandt has sparked controversy in the crypto community by predicting a massive surge in Ethereum’s (ETH) price. According to his analysis, the ETH/USD pair could potentially reach $6,000.
In a recent tweet, Brandt highlighted a key chart pattern that he believes supports this prediction. He emphasized that Ethereum is “completely broken” as a utility coin, indicating that its fundamental value has been surpassed by other cryptocurrencies. This, in his opinion, renders the traditional metrics of assessing cryptocurrency value irrelevant.
Brandt’s argument relies on the analysis of the Ethereum cost basis distribution (CBD) and accumulation zones. According to Glassnode data, Ethereum holders have not only maintained their positions but also increased their exposure to the asset, even as prices plummeted last month.
The key takeaway from this chart is that investors who accumulated in August 2023 remained engaged and did not sell at the recent lows. This suggests that these investors are either optimistic about ETH’s future prospects or believe they can buy lower with conviction.
In addition, Brandt pointed out that the Ethereum cost basis distribution indicates a strong correlation between new accumulation and price action. In other words, investors who bought in during previous periods of market stress tend to continue accumulating at higher prices.
Source: https://u.today/ethereum-to-6000-peter-brandt-highlights-key-chart-pattern
