Following the unveiling of the Pectra update in early May, ETH price soared by up to 40% in just eight days.
Although the two events aren’t necessarily correlated — the price of Ethereum declined during the week of the update — the cryptocurrency’s rapid recovery is noteworthy. The rebound has been so dramatic that Peter Brandt, a prominent figure in technical analysis, has completely reversed his stance on Ethereum. After several years of scepticism, he now predicts a bullish breakout.
This change of opinion is based on the emergence of a symmetrical triangle, a chart pattern that often signals an impending significant move. A breakout above this formation could propel ETH first to $3,500 and then potentially to $4,000. This starkly contrasts Brandt’s previous forecasts, which projected a price collapse below $800. This change in perspective underscores how technical indicators can swiftly reshape dominant market narratives.
By reversing his position, Brandt is not only correcting his forecasts but also helping to restore confidence in a market that badly needs it. Raoul Pal, a former Goldman Sachs executive and founder of Real Vision, who shares Brandt’s optimistic outlook, adds weight to this optimism. When several respected analysts align in their predictions, it creates a social validation effect that may prompt more investors to join in, accelerating the upward movement.
This new wave of optimism has not come out of the blue: ETH has already jumped 30%, breaking through several key technical resistance levels. This indicates that the market is highly receptive to bullish signals, and a trend reversal may be underway. If the symmetrical triangle mentioned by Peter Brandt plays out, we might witness a new accumulation phase, attracting more and more retail and institutional traders. With Bitcoin also showing strong resilience, the combined momentum of the two leading cryptocurrencies could set the stage for a new golden age in the crypto market.
Is ETH finally entering a historic bull phase?
Beyond the simple chart pattern, this entire situation reveals a deeper change in the overall sentiment in the crypto market. If Ethereum confirms this uptrend, this could be a cycle with long-term targets capable of going to $10,000 or more in the medium-to-long term. This will definitely redefine investors’ ambitions and rekindle interest among the public. Above all, it shows that a fundamental crypto market analysis is quite positive. Between an increasingly mature technology (thanks to the Pectra update, among others), growing institutional adoption, and favourable technical signals, the sector looks set to take the next step. The break-up of the triangle could well signal a shift towards a phase of rational global euphoria.