LIVERenowned analyst Peter Brandt has highlighted a potential "bear trap" formation in the ETH/BTC parity, suggesting Ethereum could see a rapid rise due to increased demand from whales. Despite previously viewing Ethereum as insignificant compared to Bitcoin, Brandt believes Ethereum could rebound, emphasizing ongoing demand for the largest altcoin. Ethereum's recent performance, influenced by factors like the DenCun update and speculation around spot ETF approval, has seen fluctuations, with its price dropping to $3,000 amid ETF approval uncertainty. However, Brandt notes significant whale investment in Ethereum, indicating resilience in its price. Recent blockchain data also supports increased whale activity on the Ethereum network. Currently, Ethereum has halted its decline around the $3,200 mark and has shown positive momentum, reaching $3,650 amid a general market uptrend.
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