Veteran trader Peter Brandt suggests Ethereum could rally to $3,800–$4,800 if it breaks above a rising wedge pattern. A short-term pullback might occur, as the taker buy-sell ratio has fallen below one, indicating caution among futures traders. Ether opened its weekly candle at $1,807 on May 7 and is nearing its highest 7-day returns of 38% since December 2020. It has surpassed its realized price of $1,900, indicating profits for holders. Brandt's analysis points to a developing market structure that could enable a significant price increase, contingent on breaking key resistance. Ethereum futures saw an increase in open interest, rising 42% from $21.3 billion to $30.4 billion between May 8 and May 11, reflecting strong trader confidence. However, the taker buy-sell ratio below one suggests potential bearish sentiment in the short term. The article notes that while Ethereum has demonstrated parabolic price movement recently, caution may be warranted as it could consolidate under the $2,500 level.

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