Peter Brandt Sees Ethereum Price Rally to $8,600 amid Vitalik Buterin’s Quantum Focus

Veteran trader Peter Brandt believes Ethereum price could rally to $8,600 in the long term after a near-term breakout. This comes as Ethereum co-founder Vitalik Buterin prioritizes privacy, cybersecurity, and making the Layer-1 blockchain fully quantum-resistant.

Ad

Ad

Long-Term Ethereum Price Chart Implies Rally to $8,600: Peter Brandt

Peter Brandt shared a daily chart of Ethereum futures and predicted a major upside target of $8,674. He argues the massive Ethereum price rally could continue after a successful breakout above $5,000. The analysis is based on classical technical structure and historical reversals.

Peter Brandt said a “claim of a call or simple presentation of a chart is NOT a trade.” However, other experts and analysts are also bullish on a massive Ethereum price rally. Notably, Robert Kiyosaki made a bold $95K forecast amid Tom Lee’s Bitmine buys ETH.

Meanwhile, some whales are swapping Bitcoin holdings to Ethereum. Lookonchain reported that a whale swapped another 200.71 BTC for 6,247 ETH today. Over the past 6 days, the whale swapped a total of 1,308 BTC worth $104 million for 40,670 ETH and staked all.

Glassnode noted that the altcoin cycle signal has just flipped from Bitcoin to altcoin season. The first rally in August saw altcoins stay relatively flat while Bitcoin price trended upward. However, today’s rally has ignited the full breadth of the altcoin market.

Ad

Ad

Vitalik Buterin Targets Layer-1 Quantum-Resistant by 2029

Ethereum ecosystem is set to deliver major Glamsterdam and Hegota upgrades next, with a target to make Layer-1 quantum-resistant by 2029. Vitalik Buterin highlighted privacy as a “first-class goal” alongside quantum resistance and massive scalability upgrades.

Also, Vitalik Buterin has rejected claims that AI hacking can break cybersecurity and crypto. Ethereum co-founder bets 90% of his crypto that AI will help cybersecurity, not hacking.

Ethereum price jumped 6% over the past 24 hours amid crypto market recovery, with the price currently trading at $2,731. The 24-hour low and high were $2,646 and $2,804, respectively.

Furthermore, trading volume has increased by 80% in the last 24 hours, indicating massive interest among traders. Ethereum price has rallied almost 50% in a month amid renewed inflows into spot Ethereum ETFs.

CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total ETH futures open interest jumped 1% to $36 billion in the last 24 hours. ETH futures OI on CME climbed more than 8% and dropped 0.56% on Binance. This signals that spot and outside investors have yet to react to bullish sentiment.

Also Check: Will Ethereum reach $3,200 in September?