Quick Summary:
The veteran Sept-currencies trader Peter Brandt bets on the collapse of Ethereum (ETH) to the level of 800 $, returning to the lows of 2022.
He refers to a descending triangle pattern being a bearish technical indicator.
Ethereum has lost 46 percent in a year and it is now trading at about 1,600.
At the same time, Scottie Pippen and Justin Sun are more bullish as they support long-term growth.
Pippen is also developing an Ethereum-based project based on AI, gaming and RWA tokenization.
Sun intends to improve the cooperation of Tron and Ethereum.
Is Ethereum Going to Reach 800? Brandt Bold Prediction
Peter L. Brandt a mythical commodities trader who has been trading since 1970s has forecasted that Ethereum may decline to 800 dollars to which it plunged during the crash in 2022.
Brandt provided a chart of a descending triangle pattern which is a technical setting that is known to forecast bearish breakdowns. Assuming his prediction comes to be, Ethereum may experience a sharp decline at the prevailing levels.
Within the last year alone, Ethereum has already lost 46 percent. ETH fell briefly by 4 percent but later recovered to hit the price of $1,601 after the recent announcement by the Federal Reserve stating that it will maintain the interest rates as they are.
Originally, Brandt posted his chart when the price of Ethereum stood at 1,587 dollars.
Brandt: ETH Is a Garbage ETH Is worthless Junk
Brandt used stronger words earlier in the week, when he tweeted on Ethereum, saying it was worthless junk.
His remarks elicited a great response by the crypto community with traders being divided between fear and defiance.
Bulls Never Turn their Backs on ETH: Sun and Pippen are Hopeful
Whereas Brandt is exerting caution by the calling of possible crash, others are betting more on the long-term worth of Ethereum.
NBA legend Scottie Pippen, who is today a bitcoin and crypto enthusiast, is predicting an altcoin summer due to the effects of the Bitcoin third halving. Traditionally altcoin rallies come 340 days after every halving.
The latest halving took place in April of 2024 and it is time that the current market has at the right hand side window to make a break. Pippen is working on a new development on ethereum with AI, gaming and tokenisation of real world assets (RWA).
Founder of Tron and leader of some exchanges such as Poloniex and Huobi, Justin Sun also does not stop providing support to Ethereum. Nevertheless, Tron is not auctioning its ETH assets even despite its unfavorable record in the short-run.
However, Sun focused on the importance of closer cooperation of Ethereum and Tron developers, and indicated that the crypto world would not move forward through competition but cooperation.
So What is in the Future of ETH?
The crypto community is split up:
Will the ETH price as predicted by Will Brandt at 800 will be true?
Or will Ethereum enter into a new golden era because of the belief demonstrated by developers such as Pippen and Sun?
Time–and the markets–will only tell.Tools