Peter Brandt Changes Perspective on Ethereum and Sees Bullish Potential in Solana

Renowned trader Peter Brandt, known for his accurate analyzes of the cryptocurrency market, recently reversed his bearish view on Ethereum (ETH), the market’s main altcoin. In a turnaround of opinions, Brandt, who has a wide base of followers, now sees a more optimistic scenario for digital currency.

The week before, Brandt told his followers on a well-known social media platform that he was betting on the fall of Ethereum, predicting that ETH could fall to the level of US$650. However, a significant change in the market led the experienced analyst to reconsider his position.

In a recent statement, Brandt stated: “Strong opinions, weakly held. When circumstances change, my opinion changes. My recent assessment of ETH called for an immediate price collapse – that didn’t happen. I have withdrawn my bearish outlook based on the chart structure.” This change in outlook came after Ethereum managed to overcome resistance from an ascending triangle pattern, a technical signal often interpreted as positive by analysts.

At the time of writing, Ethereum was trading at around $2,316, surpassing the previously mentioned resistance.

In addition to his new take on Ethereum, Brandt also commented on Solana (SOL), an altcoin that has proven to be a formidable rival to ETH. Although Solana has already reached its previously established price target, Brandt suggests there is still room for growth. “The Solana SOL/USD logarithmic scale target of $86.48 has been achieved. Of course, prices can evolve well beyond target levels.”

At press time, Solana was trading at $113.00 today up 16%, demonstrating an impressive increase of approximately 56% over the last seven days. Brandt’s analysis, which reflects a balance between caution and optimism, offers valuable insights for both newbies and experienced investors in the dynamic world of cryptocurrencies.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.