In a recent development, veteran trader Peter Brandt has suggested a potential Ethereum rally to $3,800-$4,800 if ETH breaks above a rising wedge pattern. This analysis marks a notable shift in Brandt’s outlook, aligning with renewed optimism for the altcoin. Ethereum’s native token Ether (ETH) opened the week at $1,807, nearing its highest 7-day returns of 38% since December 2020. The buying pressure for ETH primarily came from Binance, the most active exchange for ETH traders. Elevated activity at Binance and increased outflows reflect strong trader confidence and bullish momentum. Brandt identified a rising wedge formation on the chart, usually considered bearish, but a breakout could propel Ethereum’s price higher. Ethereum futures saw a 42% surge in open interest, nearing its all-time high, indicating heightened market activity. The higher-time frame chart shows a recovery towards the 50 and 100-week exponential moving averages, potentially signaling a price bottom. However, a short-term pullback may occur as the taker buy-sell ratio drops below 1, implying short-term bearishness. Traders are advised to approach the coming days cautiously as ETH consolidates below the $2,500 level. This article provides insights and analysis on Ethereum’s current market situation, but readers are encouraged to conduct their own research before making any investment decisions.