Ethereum could hit $8,600 after clearing $5,000, veteran trader says

Veteran commodity trader Peter Brandt posted a long‑term chart that suggests Ethereum (ETH) may move toward $8,600 once the cryptocurrency breaks the $5,000 level. At the time of writing, ETH was trading around $2,718, leaving a sizable gap to the first target.

Key price levels in Brandt’s chart

The chart spans several years of ether futures prices and marks a horizontal line near $5,000. Above that, a higher target is labeled at $8,674.50, which Brandt refers to as an eventual $8,600 move.

Current market context

Ethereum has been trading in the $2,500‑$3,000 range in early September, with recent sessions near $2,600. Traders have been watching the $2,800‑$3,000 band as the next short‑term area of interest.

Large‑scale ETH buying activity

Significant purchases have been recorded from institutional‑type holders. A wallet linked to an early ICO participant bought roughly 8,493 ETH for about $23.7 million on September 21. Bitmine Immersion Technologies added 27,562 ETH to its treasury in the week prior, bringing its holdings to nearly 6 million ETH, of which about 85 % is staked.

ETF inflows add demand

U.S. spot ether ETFs saw net inflows of $270 million on September 21, following $143.7 million on September 18. BlackRock’s ETHA attracted $110.1 million, Fidelity’s FETH $73 million, and Grayscale’s Ether Mini Trust $59.3 million.

Brandt’s disclaimer

Brandt emphasized that presenting a chart is not a trade and warned that claims of executed trades require proof.