Peter L. Brandt predicts Ethereum may crash to $800, citing a descending triangle pattern. Current trading at $1,601 shows a recovery from a previous decline. In contrast, Scottie Pippen and Justin Sun remain bullish on Ethereum’s long-term potential and collaborative improvement.
Peter L. Brandt, a veteran commodity trader, has caused a stir in the cryptocurrency community with his prediction that Ethereum (ETH) could plunge to a 2022 low of $800. This forecast was shared via a chart illustrating a descending triangle pattern, a technical indicator often associated with further price declines. Notably, over the past year, ETH has already experienced a significant 46% drop in value.
Currently, Ethereum is trading around $1,601 after experiencing a 4% crash that followed Bitcoin’s decline post the Federal Reserve’s announcement on interest rates. Following this, it has rebounded by 3.56%. At the time of Brandt’s analysis, ETH was priced at $1,587 per coin. Remarkably, he previously characterised Ethereum as “worthless junk”, expressing skepticism towards the cryptocurrency’s long-term value.
In contrast, NBA legend Scottie Pippen remains optimistic about Ethereum’s potential, predicting a forthcoming altcoin season beginning this Sunday. He links this event historically to Bitcoin halving cycles, the last of which occurred in April 2023. Pippen, who is developing a project incorporating artificial intelligence, gaming, and the tokenization of real-world assets on the Ethereum network, advocates for its long-term viability.
Additionally, Justin Sun, founder of Tron and owner of the crypto exchanges Poloniex and Huobi, expressed his intent to retain Ethereum holdings despite recent poor performance. Rather than divesting, Sun’s focus is on collaborative efforts with Ethereum developers to enhance the cryptocurrency ecosystem.
