Veteran trader Peter Brandt has shared his perspective on Ethereum's price action, stating that the ETH chart can now be viewed as a potential 11-month rectangle. A rectangle pattern occurs when the price is bounded by parallel support and resistance levels, indicating consolidation or indecision between buyers and sellers. Brandt highlighted a potential rectangle pattern formation in an ETHUSD monthly chart, with support at $2,150 and a breakout target of $6,004. If ETH breaks above the resistance levels, it could trigger a surge in buying pressure and potentially reach new highs. However, if it fails to break out, it may continue trading sideways or retest lower support levels. At the time of writing, ETH was up 4.74% in the last 24 hours to $2,354. According to Glassnode analysis, the largest accumulation zone for Ethereum is at $1,890, suggesting participation from cyclical investors with strong conviction.



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