Seasoned trader Peter Brandt says he no longer expects leading altcoin Ethereum (ETH) to make a major move downward.
Last week, Brandt told his 707,300 followers on social media platform X that he was shorting Ethereum, predicting that ETH could fall to $650.
In an update, the veteran trader says conditions have changed and he is no longer bearish on the top altcoin as ETH has managed to break above the resistance of an ascending triangle pattern.
“Strong opinions, weakly held. When circumstances change, my opinion changes.
My recent review of ETH called for an immediate price drop – that did not happen. I have withdrawn my bearish outlook based on the chart structure.”
At the time of writing, Ethereum is trading at $2,316, still above the pattern’s resistance.
Looking at Ethereum rival Solana (SOL), the veteran analyst says that while the altcoin has already achieved its upside target, it is still within the realm of possibility that the coin continues to rise.
“Solana SOL/USD logscale target of $86.48 has been achieved. Of course, prices could rise well above target levels.”
At the time of writing, Solana is trading at $111.55, up about 56% in the last seven days.
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