Because the crypto market kicks off March on a constructive word, veteran dealer Peter Brandt shared his perspective on Ethereum’s worth motion. In a tweet, Brandt said that the “Ethereum (ETH) chart can now be considered as a possible 11-month rectangle.”
ETH chart $ETH now will be considered as a possible 11-month rectangle. pic.twitter.com/hEFVIHCLeb
— Peter Brandt (@PeterLBrandt) March 2, 2025
The rectangle chart sample, famous by Brandt, happens when the value is bounded by parallel assist and resistance ranges. A rectangle reveals a interval of consolidation or indecision between consumers and sellers, with neither but dominating. The worth will repeatedly “take a look at” the assist and resistance ranges earlier than breaking out.
Brandt accompanied his tweet with an ETHUSD month-to-month chart that highlighted a possible rectangle sample formation with parallel assist and resistance ranges; Brandt indicated assist at $2,150 and a breakout goal of $6,004.
Rectangle patterns incessantly act as accumulation zones earlier than a big breakout. On this case, a break above parallel resistance ranges might set off a surge in shopping for stress, probably sending ETH to new highs of $6,004, as indicated by Brandt. Nevertheless, if ETH fails to interrupt out, it might proceed buying and selling sideways throughout the rectangle or retest decrease assist ranges.
Ethereum worth motion
On the time of writing, ETH was up 4.74% within the final 24 hours to $2,354. The announcement that Bitcoin and Ether can be included in a crypto strategic reserve helped ETH barely rebound from final month’s sharp declines.
In line with a latest Glassnode evaluation, the biggest accumulation zone for Ethereum is at $1,890, the place 1.82 million ETH are held. This provide focus started in August 2023, suggesting participation from cyclical traders with robust conviction. The extent of $2,100 is the final notable accumulation degree earlier than the $1890 zone, but it surely holds solely about 500,000 ETH — far lower than the most important assist degree beneath it.
A two-year view of the ETH Value Foundation Distribution (CBD) indicated that ETH traders accumulating in August 2023 remained engaged. Some elevated their price foundation in November 2024, shopping for into final 12 months’s rally whereas avoiding main distribution at vary highs.
A six-month view reveals robust engagement from traders with a price foundation a lot increased, notably round $3,500.
