Because the crypto market kicks off March on a constructive be aware, 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 displays a interval of consolidation or indecision between patrons and sellers, with neither but dominating. The worth will repeatedly “check” 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 often act as accumulation zones earlier than a big breakout. On this case, a break above parallel resistance ranges may set off a surge in shopping for strain, doubtlessly sending ETH to new highs of $6,004, as indicated by Brandt. Nonetheless, if ETH fails to interrupt out, it could proceed buying and selling sideways inside 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 accordance 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 sturdy conviction. The extent of $2,100 is the final notable accumulation stage earlier than the $1890 zone, however it holds solely about 500,000 ETH — far lower than the most important assist stage beneath it.
A two-year view of the ETH Price Foundation Distribution (CBD) indicated that ETH traders accumulating in August 2023 remained engaged. Some elevated their value foundation in November 2024, shopping for into final 12 months’s rally whereas avoiding main distribution at vary highs.
A six-month view exhibits sturdy engagement from traders with a price foundation a lot larger, significantly round $3,500.
