'I Shorted ETH on Friday,' Seasoned Trader Peter Brandt Admits, Expecting $650 per ETH Soon
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Seasoned commodity trader Peter Brandt, who has been in the business since the 1970s and who frequently shares cryptocurrency price predictions with his 707,100 followers, has taken to Twitter/X platform to make a gloomy prediction for Ethereum.
Brandt’s gloomy Ethereum forecast
Brandt states that the second largest cryptocurrency, Ethereum, is moving within the “Rising Wedge” pattern. If ETH complies with the pattern’s textbook behavior, Ethereum would target first $1,000 and then the lower level of $650.
Both “Rising Wedge” and “Falling Wedge” are reversal patters, meaning that when they are completed, an asset’s price goes in the opposite direction.
Besides, apparently in the wake of these bearish Ethereum price expectations, Brandt admitted that he had shorted ETH last Friday.
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 pic.twitter.com/76CciT3PE5
— Peter Brandt (@PeterLBrandt) December 18, 2023
Earlier this week, Brandt made another Ethereum statement dismissing Ethereum as a store of value and stating that it is not comparable to Bitcoin in this respect. He stated outright that there is hardly any point in storing Ethereum if you can store Bitcoin.
“The functionality and gas price of ETH make the crypto a piece of junk,” the trader stated. According to his tweet, Brandt does not believe that Ethereum can become a listed asset within the next 10 years, even though Ethereum comes in as only the second largest cryptocurrency in terms of market capitalization after Bitcoin, which was praised by Brandt.
Galaxy Digital continues selling Ethereum
As reported earlier, cryptocurrency fund Galaxy Digital founded and spearheaded by Mike Novogratz sold a substantial portion of its Ethereum stash, which contained 11,200 ETH evaluated at $24 million in fiat, on the Binance exchange.
The tweet published about it by blockchain sleuth @OnchainDataNerd stated that, overall, by now Galaxy Digital has transferred 31,437 ETH to Binance, worth approximately $71 million.
Novogratz himself is an early investor in Ethereum – he bought 500,000 ETH back in 2015 from Vitalik Buterin, when Ether cost less than $1. He was the very first guy from Wall Street who agreed to invest in Ethereum in its early days.
Novogratz also bought 30,000 Bitcoins in 2012 to buy a jet whenever BTC would increase in price and hit $1,000. In that year, the flagship cryptocurrency was worth $0.99.
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