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 I have withdrawn my bearish outlook based on chart structure.”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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The post Veteran Trader Peter Brandt Withdraws Bearish Outlook on Ethereum, Says Solana Can Continue Trending Higher appeared first on The Daily Hodl.
