Successful Analyst Peter Brandt Received a Critical Warning for Ethereum, Which He Called Garbage: What Awaits ETH?

Leading cryptocurrency Bitcoin While counting the days for the halving, it exceeded $ 70,000 last night.

BTCWhile the upward movement continues in , the largest altcoin Ethereum Its price continues to trade below $3,500 and fails to rise despite high expectations for the Dencun upgrade.

While Ethereum continues to show signs of weakness against Bitcoin, ETH/BTC The pair also achieved its lowest weekly closing since April 2021.

Legendary analyst known for his successful predictions while the situation in ETH was not positive Peter Brandt said that Ethereum price may be in a bear trap.

Bear trap? That is always a possibility when price hits a new 35-month low. pic.twitter.com/aKQg9k7TcD

— Peter Brandt (@PeterLBrandt) April 8, 2024

While a bear trap is considered a reversal indicator of a reversal, the probability of Ethereum being in a bear trap is considered higher than a reversal in price due to the bull market and positive sentiment.

Because the ETH/BTC pair fell to its lowest level in the last 35 months. As the reason for the weakness in Ethereum and the decline in ETH/BTC solanaIt is seen as the unstoppable rise of ‘s and the upcoming Bitcoin halving.

At this point, Peter Brandt pointed out that Ethereum is low enough against Bitcoin and stated that there is a low probability of a retreat in the ETH price. “There are enough BIG whales investing in ETH that it will be difficult for the price to lose much value.” he commented.

*This is not investment advice.