Ethereum failed to deliver the expected performance in 2023. Although its price surpassed $2,400, it was observed that other altcoins in the market increased by more than ten times. The price of Bitcoin, which showed a greater increase than Ethereum, also attracted attention. So, what is the target for Ethereum according to the famous investor who has been in this business for 40 years?
There has been an increase in Ethereum’s weekly chart since May, and during this period, two bottoms were formed. After marking its annual peak at $2,400, this level did not last long due to the resistance it encountered. The Fed week was challenging, and Ethereum did not attract buyers as expected.
Investor Peter Brandt, who has 40 years of experience, currently thinks that it is not sensible to purchase Ethereum. Although he has made many correct predictions in the past, there have also been times when he was wrong. He pointed out that the rising wedge formation on the Ethereum chart fits the scenario and set his target at $1,000. He expressed that he expects a deeper bottom and that the price could drop to $650.
The resistance of the rising wedge is risky as it coincides with the previous one at $2,420. The trend line of the rising wedge is at the $1,720 level, and closures below this level are extra risky. Technical models do not predict the future.
If sellers continue to drive the price down, the nearest support at $1,960 could be tested. Below this, there is support at $1,710, and breaking this level could trigger rapid sales. Conversely, we should see closures above $2,400, in which case the expected target of $3,600 could be surpassed.
