Seasoned trader Peter Brandt says he’s no longer expecting the leading altcoin Ethereum (ETH) go on a big move to the downside.
Last week, Brandt told his 707,300 followers on the social media platform X that he was shorting Ethereum, predicting that ETH could tumble to as low as $650.
In an update, the veteran trader says that circumstances have changed and he’s no longer bearish on the top altcoin as ETH has managed to move above the resistance of an ascending triangle pattern.
“Strong opinions, weakly held. When circumstances change, my opinion changes.
My recent appraisal of ETH called for an immediate price collapse – that has not happened. I have withdrawn my bearish outlook based on chart structure.”
At time of writing, Ethereum is trading for $2,316, still above the pattern’s resistance.
Looking at Ethereum rival Solana (SOL), the seasoned analyst says that while the altcoin has already met his upside target, it is still within the realm of possibility for the coin to continue going up.
“The log scale target of $86.48 of Solana SOL/USD has been met. Of course, prices can trend well beyond target levels.”
At time of writing, Solana is trading for $111.55, up about 56% in the last seven days.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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