Ethereum ($ETH ), the largest altcoin by market capitalization, has underperformed relative to Bitcoin ($BTC ) in recent months, falling short of long-anticipated bullish expectations. However, a shift in sentiment may be underway.
Veteran trader Peter Brandt, renowned for his five decades of market experience, suggests that Ethereum could be approaching a pivotal breakout. In a recent analysis, Brandt highlighted a key technical development: ETH has transitioned from a descending channel into a symmetrical triangle pattern — a classic formation often associated with consolidation ahead of a significant move.
Brandt, who captioned his chart with the phrase “Every dog has its day – woof woof ETH,” signaled that despite his historical preference for Bitcoin and general skepticism toward Ethereum, he now sees potential for ETH to shine.
Positive Signals Beyond the Charts
Adding to the optimism, Singapore-based digital asset firm QCP Capital released a report echoing a bullish outlook for Ethereum. Their analysts noted strengthening upward momentum for ETH, citing favorable macroeconomic conditions and key legislative developments on the horizon.
A central factor is the anticipated passage of the U.S. stablecoin regulatory framework known as the GENIUS Act, which QCP believes could act as a catalyst for Ethereum, given its integral role in the stablecoin ecosystem.
QCP’s report emphasized several technical and market indicators supporting bullish sentiment:
Rising implied volatility, with short-term at-the-money (ATM) options entering the 70% range
Increased demand for call options, reflecting optimistic positioning
Higher perpetual futures funding rates, signaling a tilt toward long positions
Positive flows into Ethereum spot ETFs, suggesting growing institutional interest
"Ethereum is quietly regaining market dominance," QCP analysts noted. "Its narrative is evolving, and with supportive legislative and market tailwinds, the foundation for a sustained rally is forming."
In summary, while Ethereum has lagged behind Bitcoin for much of the current cycle, emerging technical patterns, macro conditions, and institutional signals suggest that ETH may finally be ready for a breakout moment.