Legendary futures trader Peter Brandt has suggested that the price of Ether could plunge to as low as $650 in the near term. In the wake of these bearish Ethereum price expectations, Brandt revealed that he had shorted the second-largest cryptocurrency last Friday.
Peter Brandt Predicts Ether Could Collapse To $650
Trading legend Peter Brandt is uber-bearish on the price of ether.
Brandt has observed that Ethereum’s chart pattern has taken the shape of what’s known as a rising wedge, an indication of uptrend fatigue.
A rising wedge represents a bounce contained between two converging trendlines connecting higher lows and higher highs. The converging nature of the trendline signifies the waning of upside momentum. Hence, a breakdown — a move below the lower end of the rising wedge — is considered a sign the bears have regained control.
If the trend plays out, ETH will first drop to $1,000 before a retest of $650. With Ether’s charts strengthening the short-term bearish case, Brandt admitted shorting ETH last Friday.
Brandt has been trading since 1975 and has earned his name in the cryptosphere by predicting some of the historical heights and crashes of the world’s largest crypto, bitcoin.
ETH In Peril?
Ether is now down roughly 54.70% from its historic all-time high of $4,878, which was set back in November 2021. If Brandt’s bearish scenario for ETH comes true, it would mark the first time the chief altcoin plummeted below the $1000 mark since at least January 2021.
Earlier this week, the respected chartist cancelled Ethereum as a viable store of value when placed side by side with Bitcoin. For Brandt, the bad functionality of Ethereum and the exorbitant gas fees are its Achilles heels. Given how rather unusable Ethereum is, Brandt boldly called the crypto a “piece of junk.”
Unlike Brandt, some experts foresee a brighter future for Ethereum. JPMorgan, for instance, is convinced Ether will outperform Bitcoin in 2024.