Veteran trader Peter Brandt has shifted from his previously critical stance on Ethereum (ETH), now hinting at the prospect of a major bullish breakout for the asset. On May 9, 2025, Brandt, known for his influence and longstanding expertise in market analysis, shared a chart illustrating a symmetrical triangle pattern in Ethereum’s long-term price behavior—a technical signal often associated with impending strong moves, potentially upward or downward.
Brandt’s change of sentiment is notable: he has historically been bearish or reserved about Ethereum, generally focusing on Bitcoin and other assets. His chart, displaying data from 2021 through projections to 2027, suggests ETH could be poised for a significant rally if it overcomes substantial resistance points.
At the time of his analysis, Ethereum was trading around $2,145, having recently broken above a key resistance near $2,000. Another analyst, Ali Martinez, identified a $2,380 resistance zone, highlighting that nearly 46 million ETH were acquired near that price, presenting a potential barrier as holders may sell into profits. Nonetheless, both analysts agree that a sustained move above this level could lead to a bullish breakout and possible drive toward the $3,000 mark.
Ethereum’s market performance has reinforced sentiment, with a 13.35% price increase over the previous 24 hours and $166 million in net DEX inflows, emphasizing its dominance in decentralized exchanges. Brandt’s statement regarding a "moonshot setup" has sparked renewed optimism within the community. This comes alongside broader market recovery and improving investor confidence.
The context of Brandt’s pivot from earlier criticisms, when he deemed Ethereum troubled due to scalability and gas issues, further underscores the gravity of this bullish signal. Should the triangle pattern resolve positively and Ethereum clear key resistance, historical precedents suggest further sustained gains may follow, contingent on continued market support.