ETH Price Prediction: Peter Brandt & Analysts Hint Toward $3,800

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  • The ETH price was edging closer to a breakout, and a surge may trigger beyond $2800.
  • An inverted head and shoulders pattern was observed on the daily chart.
  • Peter Brandt gives a bullish conviction, saying it may see a breakout soon.

Ethereum’s (ETH) price has reached a crucial juncture and aims for a breakout rally. This week, the ETH price was rejected by the 200-day EMA barrier and flipped below the $2650 mark. However, it held gains around the 50-day EMA support and prepared for a wild move.

Peter Brandt is a prominent crypto analyst. In his recent tweet, he said Ethereum’s daily chart witnessed an inverted head and shoulders pattern. It is known for its bullish trend reversal.

However, the neckline of this pattern stood around $2745. Once the ETH price crosses the region, a massive upsurge toward the $2900 level may be seen in the coming sessions.

He added in his tweet that he was still flat on ETH. Until the ETH price did not show any confirmation, it might be capped in a falling channel ahead.

ETH Price Action and Market Sentiment Analysis

ETH price analysis on a daily time frame indicated that the lower highs and lower lows were intact. Also, the sellers persisted in pushing from the higher levels.

The Ethereum price has stayed below the $ 3,000 mark for the past few weeks. The bounces have quickly turned into a selloff.

ETH Price
ETH Price Chart  |  Source: TradingView

At press time, the ETH price was traded at $2582 with an intraday decline of over 1.20%. It boasted a market cap of $311.12 Billion and has a total supply of 120.39 Million.

The bear cartel grabbed their upper hand and did not permit the bulls to cross the channel’s upper trajectory. However, the current positioning displayed an inverted pattern of head and shoulders. This may trigger a trend reversal ahead.

Analysts Eye $3800 Ethereum Target as Bullish Trends Emerge

Following an inverted head and shoulder pattern on the daily timeframe, crypto experts pointed to a possible price surge ahead.

Jacob Canfield said the ETH price has gained momentum in recent sessions. With the growing bullish optimism amid the inverted H&S formation, the ETH coin could see an upsurge toward the $3800 mark. The crucial support levels for ETH were $2117 and $1932 in the event of a fakeout.

Futures Market Data Outlook

The OI-weighted data stayed positive despite the recent price consolidation between the $2500-$2700 level. It was around 0.0108% at press time. This meant that market participants were still betting on the long positions.

Funding Rate
Funding Rate | Source: Coinglass

However, the Open Interest (OI) has dropped over 0.80% to $13.48 Billion. This conveyed a minor, long, unwinding move over the past 24 hours.

A daily close above the $2770 mark would validate the buying strength for further upside momentum. On the other hand, a drag below the $2500 would result in further declines ahead.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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