Seasoned trader Peter Brandt says he no longer expects leading altcoin Ethereum (ETH) to decline significantly.
Last week, Brandt told his 707,300 followers on social media platform
In an update, the veteran trader said that things have changed and he is no longer bearish against the top altcoins as ETH has crossed the resistance of the ascending triangle pattern.
“Strong opinions are received weakly. As the situation changes, my thoughts also change.
Recent valuations for ETH called for an immediate price collapse, but that did not happen. “We withdrew our bearish outlook based on the chart structure.”
As of this writing, Ethereum is still trading at $2,316, above the pattern’s resistance.
Taking a look at Ethereum rival Solana (SOL), the seasoned analyst says that while the altcoin has already hit its upside target, the coin is still within the realm of potential for continued upside.
“Solana SOL/USD log scale target of $86.48 has been achieved. Of course, prices may trend well beyond the target level.”
As of this writing, Solana is trading at $111.55, up about 56% over the past seven days.
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