Ethereum’s price action is capturing traders’ attention once again, and veteran analyst Peter Brandt believes that if certain conditions align, ETH could be heading for a significant breakout — or what he calls a potential “moonshot.”
In a recent update shared via X (formerly Twitter), Brandt pointed to a rising wedge formation developing on Ethereum’s chart. While traditionally viewed as a bearish structure, Brandt offered a more optimistic interpretation: if Ether can break convincingly above the wedge, it could pave the way for a surge into the $3,800 to $4,800 range. For many Ethereum watchers, that would represent a return to the altcoin’s upper echelons — and possibly a prelude to new all-time highs.
Brandt’s comments arrive just as Ethereum posts its strongest weekly performance since late 2020. Starting the week of May 7 at around $1,807, ETH has rallied by over 38%, briefly touching levels above $2,600. This impressive rebound not only puts Ethereum above its realized price for accumulating addresses (around $1,900) but also suggests many holders are back in profit territory.
The surge in activity has been particularly concentrated on Binance, which remains the busiest hub for ETH trading. On-chain data from CryptoQuant confirms rising outflows and elevated trading volume from the exchange, a bullish sign often interpreted as a vote of confidence from traders.
However, it’s not just the spot market that’s heating up. Ethereum’s futures market has also seen a notable spike. Open interest (OI) — the total number of active futures contracts — rose sharply from $21.3 billion to $30.4 billion between May 8 and May 11, 2025. That’s just shy of its all-time high of $32 billion, a level that indicates strong speculative interest and could precede increased price volatility.
Still, not everyone is convinced the path ahead is straight up. Ethereum’s taker buy-sell ratio — a metric tracking aggressive buy versus sell orders in the perpetual swaps market — dipped below 1 on May 10. That shift signals short-term caution among futures traders, possibly hinting at a cooling-off period after ETH’s recent rally.
Technical indicators support this mixed sentiment. On the higher time frame charts, ETH has pushed toward the 50 and 100-week exponential moving averages, historically strong zones of resistance. Analysts using Fibonacci retracement tools note ETH has re-entered the key 0.5–0.618 retracement zone, typically a battleground between bulls and bears. This suggests that while the recovery is significant, a short-term correction or consolidation might be necessary before the next leg higher.
According to liquidation heatmaps, heavy buy-side liquidity sits between $2,200 and $2,400 — areas that may act as support if Ethereum experiences a pullback. After all, price rallies often pause for breath before taking the next step.
In summary, Ethereum’s technical setup, surging futures activity, and renewed optimism have aligned to create what could be a breakout moment. If Peter Brandt’s analysis proves right, and ETH escapes its rising wedge with conviction, the next stop might be much higher on the charts. But for now, cautious optimism is the name of the game.
