Key facts
- Peter Brandt predicts Ethereum could rally to $8,600 based on technical analysis.
- Ethereum co-founder Vitalik Buterin is prioritizing quantum resistance and privacy for the Layer-1 blockchain.
- The Layer-1 blockchain aims to be quantum-resistant by 2029.
- A whale swapped 200.71 BTC for 6,247 ETH, staking all acquired ETH.
- Glassnode indicated a shift from Bitcoin season to altcoin season.
- Ethereum price has rallied nearly 50% in the past month.
Veteran trader Peter Brandt believes Ethereum's price could surge to $8,600 in the long term, citing a successful breakout above $5,000 based on classical technical structure and historical reversals. This bullish outlook coincides with Ethereum co-founder Vitalik Buterin's focus on enhancing the Layer-1 blockchain's privacy, cybersecurity, and quantum resistance, with a target for quantum-resistance by 2029.
Brandt shared a daily chart of Ethereum futures, suggesting a potential upside target of $8,674, while acknowledging that a chart presentation is not a trade. Other analysts also hold bullish views on Ethereum, with Robert Kiyosaki forecasting a $95,000 price.
In recent activity, a whale reportedly swapped 200.71 BTC for 6,247 ETH, staking all the acquired tokens. Over the past six days, this whale has swapped a total of 1,308 BTC for 40,670 ETH. Data from Glassnode indicates that the altcoin cycle signal has shifted from Bitcoin to altcoin season, with the current rally igniting broad market interest.
Ethereum's price has seen a significant increase, jumping 6% in the past 24 hours to trade at $2,731, and has rallied nearly 50% in the last month, partly due to renewed inflows into spot Ethereum ETFs. Trading volume has also surged by 80% in the last 24 hours. In the derivatives market, total ETH futures open interest rose 1% to $36 billion, with CME seeing an 8% increase.