Veteran Trader Peter Brandt Shifts Stance on Ethereum, Eyes Potential Rally

Peter Brandt shifts from ETH skepticism, citing a bullish “moonshot” chart pattern as price nears $2.4K resistance.ETH faces $2.38K sell pressure from 45.9M coins; breakout could target $3K if buyers absorb supply.Peter Brandt, a cryptocurrency trader known for his cautious views on Ethereum, has revised his outlook, suggesting the asset may be poised for upward movement. Brandt, who has historically focused on Bitcoin, shared a chart on May 9, 2025, highlighting a symmetrical triangle pattern in Ethereum’s price trajectory. This pattern, observed in markets for decades, often precedes shifts in trend direction.I usually go out of my way to NOT say anything good about $ethYou can call it "hating" — I guess you are rightBut, this congestion pattern could support a moon shot pic.twitter.com/vmLm52FaJt— Peter Brandt (@PeterLBrandt) May 9, 2025At the time of Brandt’s analysis, Ethereum traded near $2,145, having recently surpassed the $2,000 resistance level. His chart referenced Ethereum’s 2021 peak of $4,800 and its 2022 low of $1,000, implying a long-term framework for evaluating current price action. Brandt’s use of the term “moonshot setup” marked a departure from his earlier skepticism, drawing attention from traders who follow his technical insights.Key Resistance at $2,380Analyst Ali Martinez identified $2,380 as a critical price zone. Data shows approximately 45.9 million ETH were acquired near this level, creating a concentration of holders who may sell to secure profits.#Ethereum $ETH is trying to break past resistance! https://t.co/fr0shbzReo— Ali (@ali_charts) May 9, 2025Ethereum tested this resistance on May 9, coinciding with Brandt’s updated analysis. Both analysts noted the symmetrical triangle formation, which could signal a breakout if buying pressure outweighs selling activity. As of this report by ETHNews, Ethereum trades at $2,341, reflecting a 13% gain over 24 hours. A sustained move above $2,380 might propel the price toward $3,000, though further resistance exists between $3,000 and $4,000.The key supply barrier for #Ethereum $ETH sits at $2,380. Clearing this level could ignite a new bull rally. pic.twitter.com/JMTtg6ffVe— Ali (@ali_charts) May 8, 2025Ethereum’s recent performance aligns with broader adoption metrics. The network recorded $166 million in net decentralized exchange (DEX) inflows this week, reinforcing its role as a hub for blockchain-based trading. This activity suggests growing use of Ethereum’s infrastructure, potentially supporting price stability.While technical patterns and adoption data offer optimism, Ethereum’s path remains uncertain. The $2,380 zone represents an immediate test.This is a very important level for #Ethereum $ETH! pic.twitter.com/c0pWVssYY3— Ali (@ali_charts) May 9, 2025Failure to hold above $2,300 could trigger a retreat, while a decisive breakout might attract new buyers. Brandt’s shift in tone underscores the fluid nature of market sentiment, where chart patterns and investor behavior intersect.Ethereum (ETH) – Updated Price & Technical Outlook – May 2025Source: BTC/TradingviewEthereum (ETH) is currently trading at $2,426.90, marking a +3.50% daily increase and continuing its strong recovery trend. Over the last week, ETH has rallied +31.77%, and it’s up an impressive +45.45% over the past month, driven largely by renewed optimism around institutional staking, ecosystem upgrades, and macro market momentum. Despite these gains, Ethereum remains down -27.12% year-to-date and -23.84% over the last six months, reflecting a recovery still in progress from 2024’s deep correction.Source: TradingviewFrom a technical perspective, ETH is approaching a critical supply zone between $2,493 and $2,915, where significant historical selling pressure resides. A clear breakout above $2,500 would likely trigger a run toward $2,800–$3,000, but analysts warn that profit-taking near $2,500 may lead to short-term pullbacks. Support rests at $2,280–$2,150, reinforced by the previous triangle breakout pattern and increased whale accumulation.On the fundamental side, Ethereum is benefiting from:Pectra upgrade momentum, which has improved staking, fee efficiency, and wallet design.CFTC-regulated Ethereum futures launching on Coinbase starting May 9, expanding access to leveraged ETH trading for U.S. investors.Active discussions around spot ETH ETFs, with firms like BlackRock expressing interest in leveraging ETH staking yields—positioning ETH as a yield-bearing institutional-grade asset.If ETH sustains above $2,500 with strong volume, it is projected to reach $2,890 within 4–6 days, driven by institutional staking narratives and a breakout from the current resistance channel.The post Veteran Trader Peter Brandt Shifts Stance on Ethereum, Eyes Potential Rally appeared first on ETHNews.