Veteran trader Peter Brandt says a long-term chart points to Ethereum reaching $8,600 if the asset first clears $5,000. Ether trades near $2,690 as of the latest reading, still well below both levels.
Ether changed hands at $2,690, down 0.08% on the day, even as Peter Brandt pointed to a long-term chart suggesting Ethereum could eventually reach $8,600 once it first clears $5,000. The projection appeared in Bitcoin.com's weekly markets review, alongside separate coverage of Bitcoin, IPO access at Coinbase and other stories.
Bitcoin.com's editorial desk described Brandt as one of the most renowned chartists in the field and added that highly convicted Ethereum bull Tom Lee has also used classic technical analysis to argue Ether sits in what looks like a massive consolidation pattern, with $5,000 acting as increasingly weak resistance. Both views converge on $5,000 as the level to watch before any move toward Brandt's higher target could take shape.
At current prices, Ether would need to rise well above $5,000 before Brandt's $8,600 scenario becomes relevant, leaving the asset a long way from either marker for now. The editorial team framed the chart-based read as a case where price action, rather than news or fundamentals, is doing the talking for Ethereum bulls.
Source: Bitcoin News
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