Legendary analyst Peter Brandt, whom we soon came to know with his Bitcoin predictions, slammed Ethereum again. Brandt claimed that Ethereum is a garbage cryptocurrency with high fees. Brandt also criticized the complex functions of L2 protocols.
Peter Brandt’s Criticism of Ethereum
Legendary trader Peter Brandt pointed out the flaws of the Proof-of-Stake (PoS) Blockchain protocol against Bitcoin. Although Brandt is a pro-crypto financial analyst, he is not a fan of Ethereum. In his last post about the asset, Brandt called it a “junk cryptocurrency” despite the devotion showered upon it by its proponents.
Ethereum holds a unique place in the evolution of Blockchain and the decentralized ecosystem. Ethereum entered the crypto world in 2015. The blockchain giant has upgraded the functionalities associated with Bitcoin as a payment coin with smart contracts. With these programmable contracts, many applications were born that form the basis of the Decentralized Finance (DeFi) ecosystem.
Despite the legacy it has built, Peter Brandt describes it as “junk” in terms of cryptocurrency’s potential as a store of value. The Bitcoin myth has gone so far as to call it a Bitcoin imitator whose functionality is also trivial.
Bitcoin myth: Dealing with L2s remains difficult!
With all this said, Peter Brandt chose to highlight Ethereum’s flaws rather than the obvious gains. He noted that it is still difficult to deal with Ethereum L2s due to the exorbitant fees involved. It is unclear whether Peter Brandt has been working on L2 protocols lately. This is because there have been numerous reports that the recently launched Ethereum Dencun Upgrade has significantly reduced fees on L2 protocols.
ETH price projection
cryptokoin.comAs you may have seen from , this isn’t the first time Peter Brandt has lashed out against Ethereum. In December 2023, Brandt suggested that Ethereum was doomed to collapse. That’s why he even announced that he shorted Ethereum. It marked a very low price for Ethereum price at that time. In this direction, his decrease estimate corresponded to a low level of $ 600.
Brandt does not give any real projections in his current comments regarding cryptocurrency. However, he ends his note by saying investors will still flock to bag the asset despite the obvious flaws. Meanwhile, the U.S. Securities and Exchange Commission (SEC)’s approval of the spot Ethereum ETF for trading will further boost investor sentiment, according to experts. However, the regulator is currently making efforts to label ETH as a security. So, spot ETFs are unlikely for now. It is worth noting that Ethereum is the second largest cryptocurrency in the crypto industry by market capitalization. At the time of writing, the leading altcoin was changing hands at $3,276.
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