Veteran chartist Peter Brandt, who got into commodity trading in the 1970s, believes that Ethereum (ETH) is already in a new bear market, according to a tweet he posted on Saturday.
One of the most influential crypto Twitter influencers describes the second largest blockchain as “too complicated”, “expensive” and “awkward”.
He added that the cryptocurrency’s underperformance compared to Solana (SOL), the token behind one of the top “Ethereum killers,” is “completely warranted.”
Ethereum $ ETH is in a downtrend because it is an overly complicated/expensive/awkward platform with NFTs/special token universe/metaverse. In fact, $ ETHtrend bear against $ SOL Full warranty
NFT nerds, sorry if I didn’t use the term “correct” pic.twitter.com/GDrCo8FwFIT– Peter Brandt (@PeterLBrandt) January 8, 2022
The SOL token is in sixth place by market capitalization after seeing tremendous growth in 2021, but it still has a lot of work to do to knock Ethereum out.
The Ethereum community boils down to Brandt’s bearish analysis, with some members claiming that traders’ tweets can be used as an indicator of opposition.
Brandt took on the criticism, joking that it was time to buy more when he said something on sale (and vice versa).
At the same time, he also defend your call for discounts on Cardano in response to a disgruntled follower.
Earlier this week, the trader also recently attempted to warn Bitcoin-dipped buyers not to take a falling knife amid the leading cryptocurrency’s plunge.
JPMorgan is bearish on Ethereum
Ether has had a rough start to the new year, down more than 20% since January 1. On January 8, the ETH price dropped to $3,000 on Coinbase, its lowest level since September 30. It also fell 6% against Bitcoin, dealing a blow to analysts, who had predicted that the final “slide” would take place this year.
Brandt, of course, is certainly not alone in his call for discounts. As reported by U.Today, JPMorgan Chase researcher Nikolaos Panigirtzoglou recently predicted that Ethereum will continue to lose market share in the decentralized finance space due to its poor scalability.
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