Ethereum, 4,800 Dollar Rally Potential...Peter Brandt "Bullish Continuation If Breaks Out Of Rising Wedge"

Ethereum (ETH) is showing strong upward momentum with the possibility of a surge to $4,800 being raised. According to the blockchain media Cointelegraph, veteran trader Peter Brandt recently analyzed that a rising wedge pattern is forming on the Ethereum chart. He predicted, "If Ethereum breaks upward from this pattern, a strong rally could continue from $3,800 to a maximum of $4,800."

Ethereum started weekly trading at $1,807 on May 7 and rose sharply, posting a weekly return of 38%. This is the largest weekly increase since December 2020. Additionally, Ethereum has surpassed the realized price ($1900), which is the average purchase price of long-term holders, meaning that many investors have entered the profit realization phase.

Most of the buying pressure for Ethereum is occurring on the Binance exchange. This increase in active trading and fund outflow on Binance is interpreted as reflecting strong trader confidence, liquidity, and continuous bullish momentum in the market.

The Ethereum futures market is also showing significant growth. From May 8 to 11, the size of open interest surged 42% from $21.3 billion to $30.4 billion. This figure approaches the all-time high of $32 billion, indicating that market participation has become very active.

However, caution against short-term corrections is still necessary. As the taker buy/sell ratio in the futures market drops below 1, the possibility of a short-term correction has been raised. This is interpreted as a signal that some investors have returned to a wait-and-see stance and that short-term selling pressure may be introduced.

According to analysis with the Fibonacci Retracement, Ethereum may be corrected at the $2,500 level, with $2,470 acting as the first downward support line.

Market experts have expressed the opinion, "If Ethereum breaks through $3,800, additional increases up to $4,800 are fully possible," and they believe the bullish trend will continue despite short-term corrections. This week's Ethereum flow is evaluated as an important time to determine whether the bullish market will continue in the future.