Peter Brandt Sees Ethereum Dropping to $650 in New Troubling Projection

Legendary market trader Peter Brandt has issued a very gloomy price target for Ethereum (ETH) as he sees the coin dropping to a low of $650.

The projection from Peter Brandt aligns with his known pessimism for Ethereum despite the digital currency currently ranked as the second-largest in the industry after Bitcoin (BTC). 

At the time of writing, Ethereum was trading at $2,236.02, up by 4.37% in the past 24 hours, with a market capitalization of $268,605,808,266. With Peter Brandt’s projection that Ethereum could fall to $1000 and, in the worst-case scenario, to $650, the coin will have to drop by 244% from its current price.

The legendary trader justified his assertion for this bearish call.

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Peter Brandt Shorted Ethereum

Peter Brandt proclaimed that he “shorted ETH” on Friday to showcase confidence in his forecast. He believes that classical chart patterns tracking price action are not infallible as they always fail to perform by the books.

That being said, Brandt, pointing to the chart in his post, said if the rising wedge in Ethereum aligns with the script, then there are chances the coin will fall to the level he forecasted.

Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time

But, if the rising wedge in Ethereum $ETH complies with the script, the target is $1,000, then $650

I shorted ETH on Friday — I have a protective B/E stop pic.twitter.com/76CciT3PE5

— Peter Brandt (@PeterLBrandt) December 18, 2023

The presented chart shows a triangle with a wedge hypotenuse formed from around May 2022 to date. Ethereum has displayed two distinct high and low points within this period at $1,086.38 and $2,401.76 respectively. Interestingly, this low point has not been recorded in the past year, and the likelihood of a solo catastrophic fall below $1,000 is low considering the current sentiment in the market today.

Ethereum has thus far maintained a bullish outlook this year after printing an average growth rate of 87.01% in the Year-to-Date (YTD) period. However, as a prominent critic of Ethereum, Peter Brandt has refused to see this good side.

Ethereum’s Utility Questioned

As part of his recent comment about Ethereum, Peter Brandt once questioned the protocol’s utility and its longer-term prospects.

As reported earlier by The Crypto Basic, the legendary trader believes Ethereum may not be a listed asset in 10 years because it is not a comparable store of value like Bitcoin. Additionally, he noted that the high gas fee on Ethereum is further a significant drawback in its bid to maintain its attractiveness.