Key Takeaways
-
Brandt’s chart points to an eventual ETH move toward $8,600. -
His scenario depends on Ethereum first clearing $5,000. -
Corporate ETH purchases and ETF inflows add context to the outlook.
Ethereum Faces a $5,000 Hurdle
Ethereum investors have a clear threshold to watch in Peter Brandt’s latest long-term chart: $5,000. In a Sept. 21 post, he wrote that the chart implies an eventual move to $8,600 once that level is handled. His outlook puts the $5,000 crossing first.
He wrote:
“This is my long-term chart of ETH. It implies an eventual move to 8,600 once 5,000 is handled.”
The veteran trader also drew a distinction between identifying a possible price move and claiming to have traded it. “A claim of a ‘call’ or simple presentation of a chart is NOT a trade. People who claim ‘trades’ need to provide proof, or else the claims are BS. An X post is NOT proof,” he clarified. His criticism targets people who present an X post as proof that they placed a trade.
Brandt’s commodity trading career began in 1976, and he founded Factor Trading Co. in 1980, according to his official biography. He published “Trading Commodity Futures with Classical Chart Patterns” in 1990. His experience with chart analysis helps explain the method behind his long-term ETH outlook.
As of writing, ETH is trading at $2,717.89. From that price, a move to $5,000 would represent a gain of about 84%. Brandt’s chart places the proposed $8,600 move beyond that first threshold.
Brandt’s Target Follows a Larger Breakout
The chart spans several years of ether futures prices and draws a horizontal line near $5,000. It labels a higher level at $8,674.50, while his post describes the eventual move as $8,600. Ether (ETH) is Ethereum’s native cryptocurrency, used to pay transaction and application fees on the network.
The nearer market picture starts around $3,000. On Sept. 20, Ethereum traded near $2,600 after rising from about $2,360 earlier that month. That price analysis identified $2,800 to $3,000 as the next area traders were watching if ETH moved higher.
Earlier in September, ETH traded near $2,500 as traders assessed a move above its recent range. The climb since then has brought ETH closer to $3,000. Brandt’s $5,000 line remains the larger price level that frames his long-term chart.
ETH Buying Extends Beyond Individual Traders
Ethereum has also drawn purchases from large holders. A wallet linked to an early participant in the network’s initial coin offering bought 8,492.8 ETH on Sept. 21 for about $23.7 million.
Bitmine Immersion Technologies is one example of a company building an ETH treasury. It added 27,562 ETH in the week preceding Sept. 21, bringing its reported holdings to 5,983,940 ETH. The purchase extends the company’s strategy of acquiring ether for its balance sheet.
In a Sept. 21 announcement filed with the SEC, Bitmine reported staking 5,067,309 ETH, about 85% of its holdings, as of Sept. 20. Staking commits ETH to validators that secure the network and can earn rewards. ETH also pays transaction and application fees on Ethereum, connecting Bitmine’s treasury strategy to a working use of the cryptocurrency.
U.S. spot ether exchange-traded funds recorded $270 million in net inflows on Sept. 21, following $143.7 million on Sept. 18, according to Farside Investors. Blackrock’s ETHA drew $110.1 million on Sept. 21, Fidelity’s FETH added $73 million, and Grayscale’s Ether Mini Trust received $59.3 million. The flows show demand through funds alongside direct ETH purchases by wallets and treasury companies.
