Legendary Trader Peter Brandt Reiterates Bias to Short Ethereum (ETH)

Godfrey Benjamin
January 10, 2024
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Legendary trader Peter Brandt has once again come out against Ethereum (ETH) in a bid to reinforce his beliefs that the digital currency has a bearish future.

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The Weak Ethereum (ETH) Price Chart

According to a post on X, Peter Brandt noted his bias on Ethereum, adding that he believes a short position on X is the best approach at this time. Peter Brandt noted that he is a swing trader and not a HODLer, discounting any indication that he may be holding Ethereum (ETH) in particular for the long term.

Peter Brandt’s post was accompanied by a price chart that shows Ethereum flirting around the resistance point at $2,448.25. While the digital currency has recorded an impressive liftoff from $1,242 as of late June 2022 to the $2,272 it is currently trading at at the moment, Peter Brandt chooses not to pitch Ethereum for a significant breakout moving forward.

Peter Brandt sparked a bearish intrigue some weeks back when he revealed that he has shorted Ethereum (ETH) to a price range between $600 and $1000. Ethereum has not recorded a significant plunge in valuation from that time to date, in part because of the general sentiment in the market regarding the potential approval of spot Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC).

Drawing on the correlation with Bitcoin, Ethereum has managed to stay resilient, a relationship Brandt believes cannot save the second-largest cryptocurrency from falling below the $2,100 support zone. In his words, should Ethereum fall below $2,100 and bounce back to prove him wrong, it will not be a big deal to him.

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The Impact of Ethereum Dencun Upgrade

One of the issues Peter Brandt has against Ethereum is its bad usability owing to higher fees and slow transaction speed. For these anomalies when compared to other notable alternatives like Solana (SOL), Brandt believes Ethereum (ETH) may not be a listed asset in the next 10 years.

However, the forthcoming Dencun Upgrade that will employ Proto-Danksharding to help Ethereum scale up may prove to be the right game-changer that the protocol needs. Scheduled for later in the year, Dencun Upgrade will bolster the capabilities of even layer-2 scaling solutions like Arbitrum (ARB), Optimism, and Base in a way that can help Ethereum (ETH) achieve its ultimate goal.

The potential Ethereum (ETH) ETF product in view may also help transition the protocol to a more mature asset class, setting it free from unwholesome valuation plunges.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.