Peter Brandt signals possible Ethereum bottom as ETH hits $2.3K, with charts pointing to a potential rally toward the $4,000 level.
Ethereum is gaining renewed attention after veteran trader Peter Brandt suggested that the asset may be forming a market bottom.
Brandt shared a chart showing Ethereum sitting near long-term support while pointing to a possible rally toward $4,000.
His remarks came as ETH climbed to around $2,300, marking a one-month high during a broader recovery in the cryptocurrency market.
Peter Brandt Points to Historical Support for Ethereum
Veteran trader Peter Brandt stated that Ethereum may be forming a bottom near an important support level.
He shared a daily chart on X showing ETH holding a zone that has acted as support in past cycles.
Brandt wrote that “a small daily chart bottom is forming in an area of long-term historical support.”
His chart suggested that the next major move could target the $4,000 level on the monthly timeframe.
Small daily chart bottom in an area of longer term historical support $ETH pic.twitter.com/A6NbP0S1hD
— Peter Brandt (@PeterLBrandt) March 16, 2026
Ethereum recently climbed to about $2,300 after gaining more than 17% in one week.
The move followed a broader rebound across the crypto market as Bitcoin reclaimed the $74,000 level.
Brandt also noted that Bitcoin could continue its upward move. His outlook suggested the leading cryptocurrency could approach the $83,000 level if momentum continues.
The market rebound occurred as global investors reacted to easing fears around supply disruptions in the Strait of Hormuz.
Rising oil prices had earlier increased concerns about global growth and financial markets.
Analysts Watch Resistance as ETH Moves Higher
Several market observers are tracking short-term resistance levels as Ethereum trades near recent highs.
Crypto analyst Ted Pillows stated that the next key level stands near the $2,400 range.
He wrote that “there is not much resistance until the $2,400 zone.” The analyst also noted that ETH could reach that level before a possible pullback.
$ETH has reclaimed the $2,150 level.
Now, there's not much resistance for Ethereum until the $2,400 zone.
IMO, ETH could tap the $2,400 zone, as I have been saying for days, before a reversal to new lows. pic.twitter.com/OjFMi6AZPX
— Ted (@TedPillows) March 16, 2026
Market activity has increased during the recent price rise. Trading volumes across major exchanges have also moved higher as traders respond to the rally.
Ethereum remains the second-largest cryptocurrency by market value.
Its price movements often influence the broader altcoin market and decentralized finance sector.
The asset has shown several short-term recoveries during past cycles. Traders continue to monitor chart patterns and market liquidity for further signals.
Related Reading: Ethereum OG 0xbilly Drops $17.5M on ETH: Bullish Signal?
Whale Activity and Institutional Interest Increase
On-chain data shows that large investors have increased their Ethereum purchases in recent weeks.
Blockchain analytics platform Lookonchain reported several notable acquisitions.
Erik Voorhees, founder of ShapeShift and an early Bitcoin supporter, purchased about 23,393 ETH. The purchase cost roughly 49 million USDT at an average price near $2,098.
Another early Ethereum builder known as Billy also bought ETH recently. Data shows that he spent about $17.46 million at an average price near $2,248.
Institutional accumulation has also continued. Investment firm Bitmine recently acquired 60,999 ETH, bringing its holdings to roughly 4.6 million ETH.
Tom Lee commented on the recent buying activity and broader market trends.
He said that higher oil prices have raised concerns about economic growth, which has pushed investors toward technology stocks and digital assets.
Lee said that “crypto moves in tandem with software stocks,” referring to market patterns observed during recent volatility.
Ethereum’s price performance and investor demand remain closely watched as the market evaluates the next phase of its cycle.
