Peter Brandt, a veteran commodities trader, on Monday warned that Ethereum (CRYPTO: ETH) is set to drop over 75%.
What Happened: Brandt believes that classical chart patterns in price charts are not always reliable, even though the rising wedge in Ethereum aligns perfectly with expectations, with a potential target of $1,000 and then $650 if it follows the script.
"Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time. But, if the rising wedge in Ethereum $ETH complies with the script, the target is $1,000, then $650. I shorted ETH on Friday — I have a protective B/E stop," he said.
Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time
— Peter Brandt (@PeterLBrandt) December 18, 2023
But, if the rising wedge in Ethereum $ETH complies with the script, the target is $1,000, then $650
I shorted ETH on Friday — I have a protective B/E stop pic.twitter.com/76CciT3PE5
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Last week, Brandt said he was skeptical about Ethereum's future. He said, "ETH is not comparable to BTC as a store of value. Why hodl ETH when you can hodl BTC? And the functionality and gas price of ETH make the crypto a piece of junk".
According to Brandt, high transaction fees, also known as "gas prices," make Ethereum a less desirable option in the long run. Additionally, he predicted that Ethereum may not even be a listed asset in ten years.
Price Action: At the time of writing, ETH was trading at $2,246 up 3.60% in the last 24 hours, according to Benzinga Pro.
Read Next: Here's How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?