Ethereum pattern supports a rally towards new highs if confirmed, according to a trader

Veteran trader, Peter Brandt, said that the price of Ethereum could reach new highs if it manages to break out of a congestion pattern.

Key points:

Veteran trader Peter Brandt suggests a possible rally for Ethereum to USD 3,800–USD 4,800 if ETH breaks above an ascending wedge pattern.

A short-term pullback could occur as the buy-sell ratio of takers falls below 1, signaling caution among futures traders.$ETH