Trader Who Predicted Bitcoin Crash Now Has This Warning for Ethereum Investors

Veteran trader and Factor Trading founder Peter Brandt, who sounded alarmed about the Bitcoin BTC/USD collapse in 2018, now has some stern warnings for Ethereum ETH/USD investors. 

He recently pointed out that Ethereum is forming a descending triangle, a continuation pattern that suggests further downside risk for ETH.

"ETH is a piece of c**p crypto. Transactionally cost-prohibitive and cumbersome. Those who tout new versions are still waiting for a re-build of the Hindenburg," he added. 

Hey @HelloMoon_io
Not ready to dive head first into your crazy NFT world, but $ETH looks like a good prospect for a measured risk short trade @jonbking pic.twitter.com/7i6kbdgeqv

— Peter Brandt (@PeterLBrandt) June 4, 2022

Also Read: This Crypto Analyst Predicts Price Rebounds For Bitcoin And Ethereum: Here's How High They're Going

Along with Brandt, crypto strategist Cantering Clark also said that ETH looks ripe to drop further as it now trades way below its diagonal support.

If I didn't think that this time was slightly different, I would look at this $ETH chart and think "Big ships turn slowly, and they don't stop easily".

By high timeframe measures, this could be the beginning of actual momentum down.😂 pic.twitter.com/VNDUfm561q

— Cantering Clark (@CanteringClark) June 3, 2022

“ETH/BTC continues to bleed and is almost at my target first outlined four months ago. That being said, BTC hasn’t even started its fifth wave yet, meaning I expect ETH/BTC to go a lot lower as BTC leads the market out of this correction into its major fifth. Revised target below,” Clark said. 

At the time of writing, Ethereum was trading at $1,816.12, up by 2.35% in the last 24 hours. In the last seven days, ETH has gained 1.52%.