- Peter Brandt shifts from ETH skepticism, citing a bullish “moonshot” chart pattern as price nears $2.4K resistance.
- ETH faces $2.38K sell pressure from 45.9M coins; breakout could target $3K if buyers absorb supply.
Peter Brandt, a cryptocurrency trader known for his cautious views on Ethereum, has revised his outlook, suggesting the asset may be poised for upward movement. Brandt, who has historically focused on Bitcoin, shared a chart on May 9, 2025, highlighting a symmetrical triangle pattern in Ethereum’s price trajectory. This pattern, observed in markets for decades, often precedes shifts in trend direction.
I usually go out of my way to NOT say anything good about $eth
You can call it "hating" — I guess you are right
But, this congestion pattern could support a moon shot pic.twitter.com/vmLm52FaJt— Peter Brandt (@PeterLBrandt) May 9, 2025
At the time of Brandt’s analysis, Ethereum traded near $2,145, having recently surpassed the $2,000 resistance level. His chart referenced Ethereum’s 2021 peak of $4,800 and its 2022 low of $1,000, implying a long-term framework for evaluating current price action. Brandt’s use of the term “moonshot setup” marked a departure from his earlier skepticism, drawing attention from traders who follow his technical insights.
Key Resistance at $2,380
Analyst Ali Martinez identified $2,380 as a critical price zone. Data shows approximately 45.9 million ETH were acquired near this level, creating a concentration of holders who may sell to secure profits.
#Ethereum $ETH is trying to break past resistance! 🚀 https://t.co/fr0shbzReo
— Ali (@ali_charts) May 9, 2025
Ethereum tested this resistance on May 9, coinciding with Brandt’s updated analysis. Both analysts noted the symmetrical triangle formation, which could signal a breakout if buying pressure outweighs selling activity.
As of this report by ETHNews, Ethereum trades at $2,341, reflecting a 13% gain over 24 hours. A sustained move above $2,380 might propel the price toward $3,000, though further resistance exists between $3,000 and $4,000.
The key supply barrier for #Ethereum $ETH sits at $2,380. Clearing this level could ignite a new bull rally. pic.twitter.com/JMTtg6ffVe
— Ali (@ali_charts) May 8, 2025
Ethereum’s recent performance aligns with broader adoption metrics. The network recorded $166 million in net decentralized exchange (DEX) inflows this week, reinforcing its role as a hub for blockchain-based trading. This activity suggests growing use of Ethereum’s infrastructure, potentially supporting price stability.
While technical patterns and adoption data offer optimism, Ethereum’s path remains uncertain. The $2,380 zone represents an immediate test.
This is a very important level for #Ethereum $ETH! pic.twitter.com/c0pWVssYY3
— Ali (@ali_charts) May 9, 2025
Failure to hold above $2,300 could trigger a retreat, while a decisive breakout might attract new buyers. Brandt’s shift in tone underscores the fluid nature of market sentiment, where chart patterns and investor behavior intersect.
Ethereum (ETH) – Updated Price & Technical Outlook – May 2025
Ethereum (ETH) is currently trading at $2,426.90, marking a +3.50% daily increase and continuing its strong recovery trend. Over the last week, ETH has rallied +31.77%, and it’s up an impressive +45.45% over the past month, driven largely by renewed optimism around institutional staking, ecosystem upgrades, and macro market momentum.
Despite these gains, Ethereum remains down -27.12% year-to-date and -23.84% over the last six months, reflecting a recovery still in progress from 2024’s deep correction.
From a technical perspective, ETH is approaching a critical supply zone between $2,493 and $2,915, where significant historical selling pressure resides. A clear breakout above $2,500 would likely trigger a run toward $2,800–$3,000, but analysts warn that profit-taking near $2,500 may lead to short-term pullbacks. Support rests at $2,280–$2,150, reinforced by the previous triangle breakout pattern and increased whale accumulation.
On the fundamental side, Ethereum is benefiting from:
- Pectra upgrade momentum, which has improved staking, fee efficiency, and wallet design.
- CFTC-regulated Ethereum futures launching on Coinbase starting May 9, expanding access to leveraged ETH trading for U.S. investors.
- Active discussions around spot ETH ETFs, with firms like BlackRock expressing interest in leveraging ETH staking yields—positioning ETH as a yield-bearing institutional-grade asset.
If ETH sustains above $2,500 with strong volume, it is projected to reach $2,890 within 4–6 days, driven by institutional staking narratives and a breakout from the current resistance channel.
