- ETH showed a bullish reversal.
- Option data is less optimistic than usual about ETH’s breakout in the U.S.
Ethereum’s [ETH] The price of bitcoin has been resilient despite the FUD that has been raging in recent months. The biggest altcoin grew by 12% during its last recovery. From $2.3K, it rose to a maximum of $2.6K.
The following is a list of Peter Brandt, ETH could explode even further amid an inverse head-shoulder pattern—a bullish reversal formation.
Source: Peter Brandt
How much can ETH reach?
Most of the time, an upward breakout in the head-and shoulders pattern ($2.7k) can reach a height equivalent to that between head and neckline.
This would be about $3,3000 in ETH. The resistance level and the Order Block (OB), which is marked in white, coincide with the target.
TradingView: Source for ETH/USDT
Brandt could be delayed in his projections if ETH demand remains weak. The Coinbase Premium Index has been negative since late September. This index measures the appetite of U.S. Investors for ETH.
ETH has historically seen a rise in demand from the U.S. If the latest Vitalik Buterin It remains to be determined if the roadmap for ETH changes market sentiment.
Source: CryptoQuant
The options market is less confident that ETH will reach $3K by the time the U.S. election in November.
Deribit dataETH had a 8.6% chance to reach $3K before the end of November, compared to a 31.1% chance at that time.
The options data showed that ETH would be more likely to break out after the U.S. presidential elections.
Source: Deribit
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Source: ambcrypto.com
