Peter Brandt Bullish on Ethereum, Predicts Breakout to $4,032

Legendary trader Peter Brandt opened a long position on Ethereum with a target of $4,032, using the falling wedge chart pattern to predict a bullish breakout from $2,741.
Peter Brandt, an experienced trader and classical chart analyst, recently shared his current trades on social media and highlighted a noteworthy bullish signal for Ethereum.
Brandt is known for his adherence to the classical charting techniques of Schabacker's 1934 method, which he uses to perform swing trading by identifying and trading breakout patterns. According to an X post, his trading method has a hit rate of 55%, indicating that his method is reliable.
Brandt is targeting $4,032 for Ethereum, with his chart analysis showing a classic falling wedge chart pattern, a bullish signal that typically signals an upside breakout. According to this chart, the breakout has been confirmed by the price rising sharply above the upper trendline of the wedge pattern.
Additionally, Brandt stated that he entered Ethereum at $2,741, anticipating upside momentum. He further predicted a target of $4,032, which suggests huge profit potential and reflects confidence in Ethereum’s continued rise.
In addition to his Ethereum trade, Peter Brandt also revealed three other strategic positions that further diversify his portfolio. He is long on soybean meal futures (ZMN24), SPDR Gold Trust (GLD) and silver futures (SIU24). These trades are based on his classical charting techniques and are designed to profit from anticipated breakout moves.
Contrary to his current bullish stance, Brandt predicted in December that Ethereum could experience a severe downturn, potentially falling below $700. At the time, Brandt noted that classical chart patterns in price charts are not a panacea and often fail to behave as expected.
If Ethereum drops to $650 from its then-current value of $2,156, it would mark a drop of nearly 70% for the leading smart contract platform. Additionally, last Friday, he warned that crypto equity is likely to continue to rise after the U.S. Securities and Exchange Commission (SEC) approved a spot Ethereum ETF.
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Brandt warned that given the complexity of the seven-year period, it could lead to significant financial pitfalls for uninformed investors.
Meanwhile, on the weekly chart, Ethereum is currently showing a symmetrical triangle pattern, which is characterized by lower highs and higher lows. The descending resistance line is drawn by the all-time high of $4,868.8, forming the upper boundary of this long-term descending triangle pattern.
Complementing this, an ascending support line extending from the 2018 low has defined the lower boundary, forming an important structure on the price chart.
According to the chart, Ethereum hit a low around $81.9 in 2018, marking the beginning of a significant uptrend. This momentum eventually pushed ETH to an all-time high of $4,868.
Recently, the coin rebounded from the 0.618 Fibonacci Retracement level close to $3,000, highlighting the strong support at this price point.
In the bullish scenario, a successful break above the descending resistance line and the 0.786 Fib level of around $3,900 could pave the way for a move closer to the all-time high of $4,868.8. A breakout of this level will be a strong bullish indicator that could lead to new all-time highs.
Conversely, a bearish scenario will emerge if Ethereum fails to break through the resistance and plummets below the 0.618 level. This could result in a retest of lower support levels, including the crucial ascending support line.
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