Ethereum Targets $4K as Peter Brandt Flags Potential ETH Bottom

Veteran trader Peter Brandt has flagged a potential bottom for Ethereum while hinting at a rally to $4,000 for the second-largest crypto by market cap. This came as ETH rose to a one-month high of $2,300, with market fears over the Iran war abating.

Brandt Signals That Ethereum Could Rally To $4,000

In an X post, the veteran trader said that a small daily chart bottom was forming in an area of long-term historical support. His accompanying charts hinted at a bullish reversal for the altcoin with a potential rally to as high as $4,000.

Brandt’s remarks come amid the crypto market rebound today, with Bitcoin reclaiming $74,000, with the veteran trader also suggesting that the leading crypto could sustain this rally and possibly reach $83,000. On its part, Ethereum has surged to a one-month high of $2,300.

ETH has surged by over 17% in the last week, even as tensions between the U.S. and Iran continue to escalate. This latest rally for ETH and the broader crypto market comes on the back of optimism that the U.S. will find a way to reopen the Strait of Hormuz, whose closure has driven oil prices to new highs.

Meanwhile, crypto analyst Ted Pillows also predicted that Ethereum could reach new highs on this latest rally. He noted that there is not much resistance for Ethereum until the $2,400 zone. “IMO, ETH could tap the $2,400 zone, as I have been saying for days, before a reversal to new lows,” he added.

Whales Are Accumulating ETH

On-chain analytics platform Lookonchain revealed that whales are accumulating ETH, signaling renewed demand for the altcoin. One of these whales is Erik Voorhees, an early Bitcoin supporter and founder of ShapeShift, who has already spent 49 million USDT to buy 23,393 ETH at an average price of $2,098.

Early Ethereum builder Billy is also buying Ethereum, spending $17.46 million at an average price of $2,248 per ETH. Institutional investors, including Tom Lee’s Bitmine, also continue to buy ETH. As CoinGape reported, Bitmine acquired 60,999 ETH last week, bringing its total holdings to 4.6 million ETH.

Commenting on the most recent purchase, Tom Lee noted that ETH has outperformed the S&P 500 since the start of the Iran war. “In our view, higher oil is triggering concerns of slowing growth for the global economy. And when investors worry about growth, they buy ‘growth stocks’ including MAG7, software, and crypto. As the chart below shows, crypto moves in tandem with software stocks,” he further remarked.