Peter Brandt, one of the most experienced traders in the cryptocurrency industry, shared his comments on the new altcoin. Satoshi Papers editor Tuur Demeester shared a successful Ethereum trade. Here are the details…
Peter Brandt points to a trade in leading altcoin Ethereum
Peter Brandt, who has a long history of trading and has been analyzing BTC and cryptocurrencies in recent years, is one of the analysts that users follow closely. Brandt pointed to Tuur Demeester’s Ethereum trading in his latest post. Trading was mostly based on technical analysis, and Brandt said this could give us a forecast for the future. According to the pattern formation on the chart, at the end of July, Ethereum entered an ascending wedge pattern where it has been moving for more than a month.
Considering the overall trend on the asset, the expert assumed that the rising wedge would end with a bearish volatility spike. This indeed happened after the bearish trend emerged in the market. Breaking the lower border of the wedge sent Ethereum into the $1,400 price range. It brought traders back to the July range.
What was Brnadt’s reaction?
Often experienced traders avoid short positions in the market as they bring significantly greater risks to traders’ portfolios and should not be opened without proper risk management to include certain take-profit and stop-loss values. Fortunately, Demeester used all the rules when shorting an asset that allowed him to close his position at the right time, as Brandt pointed out.
Congratulations Tuur @TuurDemeester on your short trade in $ETHUSD. Well timed entry and exit. pic.twitter.com/IS0gmSehMX
— Peter Brandt (@PeterLBrandt) August 29, 2022
Meanwhile, with the fall from the rising wedge, Ethereum is returning to the downtrend it has been moving into since November 2021. The continuation of the downtrend is likely out of discussion until the Merge update goes live. Unfortunately, on-chain data shows that investors are not interested in the big update and are not expecting anything from it. The activity of the big wallet has returned to an anemic level and the network’s revenue is still at pre-bull run levels. At the time of writing, ETH is up 8.8 percent above $1,500.
What is the latest situation in the market?
Meanwhile, cryptocoin.com As we have also reported, the cryptocurrency market recovered slightly today. Notable gains from both Bitcoin and Ethereum stood out. After that, the total cryptocurrency market rose by $50 billion. Also in the last 24 hours, the total market cap has rebounded over $1 trillion. Therefore, the feeling has also improved. This comes after Bitcoin reclaimed $20,000 and Ethereum was pushing $1,600 at the time of this writing.
