Peter Brandt: Ethereum price chart is similar to Tesla but Fear and Greed Index turns Greed, market prepare a correction?
Ethereum price has seen a staggering 18% gain this week as it climbed inside the confines of the ascending channel. At one point, ETH even surged as high as $2,700, allowing it to set new highs not seen since the first week of June. However, for the time being, the price has returned to the $2,500 region. In another development, savvy commodity trader Peter Brandt said that there are similarities between the charts of Ethereum and Tesla.
Some striking similarities between the Ethereum price chart and Tesla
Brandt tweeted that people who like Ethereum’s charts will also have to like electronic carmaker Tesla’s charts as there are some striking similarities between them.
Tesla’s chart | Source: Peter Brandt
Ethereum’s chart | Source: Peter Brandt
Both are similar charts, both have excellent fundamentals. Six months from now both will be much higher. And some agree that’s a bullish chart.
Because ETH has plummeted ahead of the much-anticipated London hard fork slated for August 4. The bulls are unlikely to be swayed by the potential delay, with the altcoin leading the way hit a record in 12 days in green.
Over the past three days, Ether has rallied 14% against Bitcoin, reviving conversations about slippage. The shares of Tesla are also on an impressive run, up more than 10% in the past three trading sessions and surpassing $700 for the first time in three months. The ongoing recovery was fueled by the company’s impressive second-quarter earnings announced last week.
Furthermore, Ethereum miners have seen higher revenues than Bitcoin miners for three months in a row, the longest stretch in history.
According to the chart, you can see that Ethereum miners brought in $1.03 billion in revenue during July, a slight decline from the previous month. In their turn, Bitcoin miners brought in $971.8 million in revenue last month – more than $100 million compared to June.
However, the upcoming could be a tough time for ETH price. By Ethereum Fear and Greed Index is 66, Greed.
Source: Ethereum Fear and Greed Index
It’s no secret that the cryptocurrency market runs on sentiment — which is just another word for emotions. When the index shows ‘extreme fear,’ it signifies that investors are worried. For those who are looking to ‘buy the dip,’ this can be an opportunity. Alternatively, when the index shows ‘extreme greed’, it is an indicator that the market is due for a correction.
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