Legendary trader Peter Brandt has revealed his latest position on Ethereum (ETH). Brandt, known as an Ethereum critic shared a strong opinion that suggests that Ethereum is generally always held weakly.
Legendary trader Peter Brandt has revealed his latest position on Ethereum (ETH). Brandt, known as an Ethereum critic shared a strong opinion that suggests that Ethereum is generally always held weakly.
The legendary trader said he is officially short on Ethereum futures until the weekend. The veteran trader noted that he does not short spot trades as that creates too much counterparty risk. It is worth noting that Peter Brandt is usually always short Ethereum since he is convinced that the digital currency does not have a bullish future to look forward to.
At the time, Brandt projected that the price of Ethereum would fall to $600 in the future. While this has yet to materialize, he started trading Ethereum a few months ago and noted that the charts present good opportunities to take advantage of.
Peter Brandt shared the chart showing his current outlook for Ethereum. The chart showed how Ethereum continues to fall from over $3,500 at its peak in April. Brandt marked a recent turning point at $3,058.43 that was accompanied by a long, steep bearish candle.
At the time of writing, Ethereum price has broken through the $3,000 support zone and is currently changing hands for $2,908.05, down 4.17% in 24 hours. The short Ethereum futures trade you made has a twist. While warning followers about him, Peter Brandt said that he always uses stop losses. He said that if his trade goes against him, he would buy one spot and trade it for a futures position on Monday.
Peter Brandt brings decades of experience to the cryptocurrency trading game. Many follow his profession, however, not all believe in his end of the world thesis for Ethereum. This is especially true considering how Ethereum has been innovating with a number of protocol upgrades as of late.
Blockchain is currently experimenting with how to solve its gas fee issues through a recent proposal. inserted by its co-founder Vitalik Buterin.
