Senior chartist Peter Brandt, who got into the commodity trading business in the 1970s, believes Ethereum (ETH) is in a bear market, according to a tweet he posted on Saturday.
One of the most influential people on crypto Twitter described the second-largest blockchain as “overly complex”, “expensive” and “weird”. He added that his poor performance against Solana (SOL), one of ETH’s leading “Ethereum killers”, is “fully warranted”.
Ethereum $ETH is in a bear trend because it is an overly complicated/expensive/awkward platform to the NFT/specialty token universe/metaverse. in fact, $ETH‘s bear trend against $LEFT is completely warranted
NFT nerds, please excuse me if I did not use the “correct” terminology pic.twitter.com/GDrCo8FwPH— Peter Brandt (@PeterLBrandt) January 8, 2022
SOL token ranks sixth by market cap after seeing massive growth in 2021, but it still has a lot to do to surpass Ethereum.
The Ethereum community was angered by Brandt’s bearish analysis, with some members claiming that the trader’s tweets could be used as a reverse indicator. So if Brandt says it will go down, the price might go up. The famous trader, on the other hand, mocked the criticisms by joking that it is time to buy more when he expects the downside. took. He also defended his call for Cardano to decline in response to a disgruntled follower.
JPMorgan also expects Ethereum to drop
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.
Brandt isn’t alone in the downtrend, of course. JPMorgan Chase researcher Nikolaos Panigirtzoglou recently stated that Ethereum will continue to lose market share in the decentralized finance space due to poor scalability.
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