Market Veteran Brandt Identifies Ethereum Horn Bottom, Predicts Rally to New ATH at $5,600

Veteran market analyst Peter Brandt has identified a bullish pattern known as a horn bottom in Ethereum (ETH) and predicts that the altcoin could rally to a new all-time high (ATH) above $5,600. The horn bottom pattern typically forms after a prolonged downtrend and signifies a potential trend reversal from bearish to bullish. Brandt’s analysis also points to a descending rectangle pattern in Ethereum’s price action, which resembles a bullish pennant. The upper boundary of the rectangle is around $4,093.88, while the lower boundary is approximately $2,800. Brandt believes that support was found at the lower boundary of the rectangle, aligning with the retest of the horn bottom completion in February. The chart includes the 18-week and 8-week moving averages, which provide dynamic support and resistance levels. Ethereum’s price has been respecting these moving averages, bouncing off them during consolidation within the rectangle. Brandt projects an upside breakout from the rectangle pattern, estimating a target price above $5,600, which would be a new ATH for Ethereum. This projection follows Brandt correctly predicting an ETH drop in June. Currently trading at $3,420, Ethereum is attempting to recover from a lower low, consistent with the support identified by Brandt. The Relative Strength Index (RSI) suggests Ethereum is in a neutral zone, while the Moving Average Convergence Divergence (MACD) indicator shows a recent bullish crossover, supporting Brandt’s optimistic outlook.