Senior technical analyst Peter Brandt, who got into the commodity trading business in the 1970s, said in a tweet on Saturday that the leading altcoin Ethereum (ETH) is in a new bear market. Also known for his accurate predictions on Bitcoin (BTC), Brandt describes the second largest blockchain as “overly complex”, “expensive” and “weird”. The analyst adds that the underperformance of the leading altcoin against Solana (SOL) is “fully warranted”.
Peter Brandt warns altcoin investors
Solana (SOL) reached the fifth position by market cap after posting tremendous growth in 2021, but it still has a lot to do to surpass Ethereum. The Ethereum community was outraged by Brandt’s bearish analysis, and some followers claimed that Brandt’s tweets could be used as a counter-indicator. Brandt also hinted that the situation could be an opportunity, noting that when you wait for a bear (or vice versa) it may be time to buy more. He also defended his call for Cardano to decline in response to a disgruntled follower. Earlier this week, the trader also tried to warn recent Bitcoin dip buyers against catching a falling knife amid the continued decline of the leading cryptocurrency.
JPMorgan drops on Ethereum
Ethereum has had a rough start to the new year and has dropped over 20% since Jan 1st. On January 8, ETH price dropped to $3,000 on Coinbase, the lowest level since September 30. It’s also down 3% today. Bitcoin has dealt a blow to analysts who predicted that the “conversion” will eventually happen this year. Brandt is certainly not alone in his bearish prospects. cryptocoin.com As we quote, researcher Nikolaos Panigirtzoglou recently predicted that Ethereum will continue to lose market share in the DeFi market due to poor scalability.
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