Peter Brandt Says Ethereum (ETH) Is In A Bear Market As Cryptocurrency Still Down 36% From All-Time High in November
Veteran chartist Peter Brandt, who entered commodity trading business in the 1970s, believes that Ethereum (ETH) is already in a new bear market, according to a tweet that he posted on Saturday.
One of the most influential people in crypto Twitter describes the second largest blockchain as ‘too complicated’, ‘expensive’ and ‘clunky’.
He added that the cryptocurrency’s underperformance against Solana (SOL), the token behind one of the leading “Ethereum killers,” was “completely warranted.”
The SOL token is in sixth place in terms of market cap after experiencing monstrous growth in 2021, but it still has a long way to go to overthrow Ethereum.
The Ethereum community bristled at Brandt’s bearish analysis, with some of its members claiming that the trader’s tweets could be used as a contrarian indicator.
Brandt took the criticism on the chin, joking that it’s time to buy more when he says something bearish (and vice versa).
At the same time, he also defended his bearish call on Cardano in response to a disgruntled follower.
Earlier this week, the trader also recently attempted to warn Bitcoin dip buyers against falling from a knife amid the ongoing fall of the flagship cryptocurrency.
JPMorgan is bearish on Ethereum
Ether has had a rough start to the new year, plunging by over 20% since Jan. 1. On Jan. 8, the ETH price dipped to $3,000 on Coinbase, the lowest level since Sept. 30. It is also down 6% against Bitcoin in a blow to analysts who predicted that “flippening” would eventually take place this year.
Brandt, of course, is certainly not the only one in his bearish call. As reported by U.Today, JPMorgan Chase researcher Nikolaos Panigirtzoglou recently predicted that Ethereum would continue to lose market share in the decentralized financial space due to poor scalability.
