Analyst known for pinpoint predictions Peter Brandtin his last two tweets Ethereum He shared a remarkable graphic about (ETH).
There is a possible sym triangle forming in $ETH. Sym triangles are characteristic of a market that is confused. Far less reliable than rectangles or right-angled triangles. Sym triangles can be continuation (4 contact points) or reversal (requiring a fifth point) pic.twitter.com/RyBAZxNpxJ
— Peter Brandt (@PeterLBrandt) March 6, 2022
According to the seasoned analyst, Ethereum is currently a symmetrical triangle forming the pattern, which often reveals the fact that the market is mixed.
Stating that the same event was seen in Bitcoin before, the analyst stated that a serious performance was achieved, and stated that the symmetrical triangle is perhaps the least reliable among all the mapping forms included in the classical mapping principles. However, Brandt also said that they get very good results when they work as desired, and again underlined that these models are generally unreliable.
This indicator usually sees sharp rises when there is an upward breakout. Stating that attention should be paid to these chart formations at this point, the analyst underlined that a rally will start in case of an upward breakout, and a decrease may occur in case of a breakout below.
Stating that this event, which has been seen in Bitcoin before, is now in Ethereum, the analyst stated that Ethereum can break this formation in the 5th attempt, that is, in the next price movement.