- Renowned trader Peter Brandt shorts Ethereum to $650, deeming it a “piece of junk,” echoing concerns about its viability.
- Despite bearish sentiments, Ethereum’s community support and ongoing development efforts present a counterbalance to negative predictions.
In a recent update, veteran commodity and forex trader Peter Brandt expressed a highly bearish view on Ethereum (ETH). Brandt, known for his candid opinions, went a step further by shorting Ethereum to $650, labeling it a “piece of junk.”
This negative sentiment toward Ethereum is not isolated. Patrick Riley, Founder and CEO of Reaper Financial, has previously criticized Ethereum, likening it to a “dying horse.” Riley believes that XRP stands to benefit from Ethereum’s perceived weaknesses.
Brandt’s Scathing Remarks on ETH
Brandt, with a following of 707.7K on the X platform, conveyed his critical stance on Ethereum. He highlighted the disparity between Ethereum and Bitcoin, dismissing Ethereum as a store of value. He further criticized Ethereum’s functionality and gas prices, branding it as a “piece of junk.” Brandt boldly predicted that Ethereum might no longer be listed as an asset within the next decade.
Shorting ETH to $650
Undeterred by potential market movements, Brandt followed through with his words by shorting Ethereum. His targets ranged from $1,000 to $650, showcasing his confidence in a significant downturn for the cryptocurrency.
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Market Response and Current Trends
Despite these bearish sentiments, Ethereum is currently moving in sync with Bitcoin, displaying a 3.4% gain in a 24-hour period. The trading volume surged by 29.42%, with $10.45 billion worth of ETH changing hands on crypto exchanges. Ethereum’s price fluctuated between $2,120 and $2,249 during this period.
Ethereum’s Performance Metrics
Examining Ethereum’s performance, it is up by 0.78% in the weekly charts. However, double-digit gains are evident in the monthly and annual charts at 14.3% and 89.8%, respectively. Despite being 54% down from its November 2021 all-time high of $4,891, optimism prevails regarding a potential narrowing of this gap in the coming year.
Ethereum’s Strengths and Community Support
The Ethereum blockchain boasts robust support from the crypto community, primarily due to its flexibility in smart contracts and decentralized applications (dApps). Developers favor the platform for its adaptability and continuous efforts to enhance its ecosystem.
Also Read: US SEC Delays Decision on Multiple Ethereum ETFs, Public Input Invited
Positive Developments in Ethereum’s Ecosystem
Ethereum’s commitment to improving its economy is evident through its shift from proof-of-work (PoW) to proof-of-stake (PoS) in 2022. Co-founder Vitalik Buterin is actively involved in redesigning the network to boost performance and staking features.
Future Expectations for Ethereum
Despite recent criticisms and shorting actions, Ethereum is expected to rally alongside Bitcoin next year. This optimism stems from two major upcoming events: the potential approval of spot Bitcoin exchange-traded funds (ETF) in the US and the halving, both of which are anticipated to significantly impact BTC prices.
Final Takeaway
In conclusion, Ethereum finds itself at a crossroads with divergent opinions from industry figures. While Peter Brandt’s bearish stance and shorting activities cast a shadow, Ethereum’s strong community support and ongoing developmental efforts provide a counterbalance. Ethereum is still the biggest altcoin in the world and it’s a go-to layer-1 solution in the industry.
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