In a recent event veteran analyst and trader Peter Brandt issues a warning to Ethereum (ETH) traders. According to him, the leading smart contract platform will lose ground against its top challengers like Solana, Cardano, Avalanche. These 3 contenders in particular have technical advantages over Ethereum.
Peter Brandt recently expressed on Twitter, that he’s bearish on Ethereum from both the technical and fundamental perspectives.
Looking at Brandt’s chart, Ethereum seems to have taken out two crucial support levels within a triangle structure. This indicates the strength of the sell-off.
Ethereum losing value against Solana
Ethereum and Solana (ETHUSD/SOLUSD) pair broke down from a head and shoulders pattern in March 2021. Citing that event Brandt expresses that Ethereum has been losing value against Solana.
“In fact, ETH’s bear trend against SOL is completely warranted. NFT nerds, please excuse me if I did not use the ‘correct’ terminology.”Peter Brandt, Veteran finanacial analyst
Further, as for Bitcoin, Brandt has different sorts of thoughts as he says BTC is no longer trading within a parabola. According to him, he is aware of the violation of the parabolic advance and commented on it in real-time to members of BitcoinLive, but in hindsight, he may not have taken the event seriously enough.
The parabolic violations tend to lead to 80% drawdowns, BTC’s era of parabolic rallies may have come to an end, Brandt suggested.
“Predictions and analysis must always morph relative to the events of the time. When circumstances change, predictions must change. The parabola might not be the driving force in BTC.”Peter Brandt, Veteran finanacial analyst
Back in 2019, Brandt predicted that Bitcoin may have entered its fourth parabolic phase.
Crypto Strategist Justin Bennet has a different say on Ethereum
According to crypto strategist Justin Bennett, Ethereum must reclaim a crucial level to have a shot at resuming its macro bull trend.
In a new strategy session on Ethereum price prediction, Bennett says that he’s looking to scoop up ETH around the $3,000 level, currently about 4% away from current prices.
“As long as ETH is below $4,000 you have to be a little bit careful. If we do see Etheruem over the coming weeks and months reclaim this area up here at $4,000 on a weekly and monthly closing basis, then yes, I do think we’re going to a continuation of the trend that we saw in 2021.”Justin Bennett, Crypto Strategist
According to Bennett, the ETH/BTC pair may be breaking out of a bullish triangle, playing out a smaller version of what it did between 2017 and 2020.