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HomeCrypto NewsMarketPeter Brandt Sees Ethereum Dropping to $650 in New Troubling Projection

Peter Brandt Sees Ethereum Dropping to $650 in New Troubling Projection

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Legendary market trader Peter Brandt has issued a very gloomy price target for Ethereum (ETH) as he sees the coin dropping to a low of $650.

The projection from Peter Brandt aligns with his known pessimism for Ethereum despite the digital currency currently ranked as the second-largest in the industry after Bitcoin (BTC). 

At the time of writing, Ethereum was trading at $2,236.02, up by 4.37% in the past 24 hours, with a market capitalization of $268,605,808,266. With Peter Brandt’s projection that Ethereum could fall to $1000 and, in the worst-case scenario, to $650, the coin will have to drop by 244% from its current price.

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The legendary trader justified his assertion for this bearish call.

Peter Brandt Shorted Ethereum

Peter Brandt proclaimed that he “shorted ETH” on Friday to showcase confidence in his forecast. He believes that classical chart patterns tracking price action are not infallible as they always fail to perform by the books.

That being said, Brandt, pointing to the chart in his post, said if the rising wedge in Ethereum aligns with the script, then there are chances the coin will fall to the level he forecasted.

The presented chart shows a triangle with a wedge hypotenuse formed from around May 2022 to date. Ethereum has displayed two distinct high and low points within this period at $1,086.38 and $2,401.76 respectively. Interestingly, this low point has not been recorded in the past year, and the likelihood of a solo catastrophic fall below $1,000 is low considering the current sentiment in the market today.

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Ethereum has thus far maintained a bullish outlook this year after printing an average growth rate of 87.01% in the Year-to-Date (YTD) period. However, as a prominent critic of Ethereum, Peter Brandt has refused to see this good side.

Ethereum’s Utility Questioned

As part of his recent comment about Ethereum, Peter Brandt once questioned the protocol’s utility and its longer-term prospects.

As reported earlier by The Crypto Basic, the legendary trader believes Ethereum may not be a listed asset in 10 years because it is not a comparable store of value like Bitcoin. Additionally, he noted that the high gas fee on Ethereum is further a significant drawback in its bid to maintain its attractiveness.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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