According to U.Today, legendary trader Peter Brandt, who has been active in financial markets since the 1970s, recently shared his outlook on the price of Ethereum (ETH). Brandt highlighted what appeared to be a bullish wedge after a retest of the upper boundary of the price range, from which Ethereum's price broke above. He described it as the most bullish setup he had seen that week, presenting a textbook example of bullish price action.

However, an interesting twist emerged. Brandt reversed the scale, indicating that what seemed to be a bullish setup was actually a bearish outlook. This aligns with Brandt's recent public announcement of a short position on Ethereum, targeting a price of $1,651, which is 40% below current levels. This move has sparked debate among traders and analysts about the future direction of Ethereum's price.

Brandt's actions have once again brought attention to the unpredictable nature of technical analysis in the cryptocurrency market. While technical analysis is widely recognized and respected, it does not guarantee outcomes, especially in the volatile crypto market. The community is now closely watching to see if Brandt's bearish prediction will materialize or if Ethereum will defy expectations.

As the situation unfolds, the focus remains on Ethereum, with market participants eager to see how the price action will develop in the coming weeks.