Veteran Trader Peter Brandt Predicts Ethereum (ETH) Price Could Crash to $800

Veteran trader Peter Brandt has issued a stark warning for Ethereum holders, predicting the asset could fall back to $800.

Veteran trader Peter Brandt is known for his blunt opinions and striking predictions in the crypto sphere. Recently, he took to X, previously Twitter, to share a stark warning for Ethereum holders, predicting a potential slide to $800.

Brandt shared a chart displaying a classic technical analysis signal—a descending triangle pattern. This pattern is typically viewed as a bearish signal, suggesting further price declines from the current support level.

At present, Ethereum is holding strong at a crucial support zone around $1,500. However, if this level gives way, Brandt sees ETH plummeting as low as $800, retracing to the lows last seen in 2022.

His prediction comes amid ongoing struggles for Ethereum to break through a key resistance and broader market uncertainty.suggesting further price declines from the current support level.

At present, Ethereum is holding strong at a crucial support zone around $1,500. However, if this level gives way, Brandt sees ETH plummeting as low as $800, retracing to the lows last seen in 2022.

His prediction comes amid ongoing struggles for Ethereum to break through a key resistance and broader market uncertainty.

A Tough Year for Ethereum

It’s certainly been a difficult year for ETH. The second-largest cryptocurrency is down more than 46% in the past 12 months. Just this week, ETH dropped by 4% after the Federal Reserve decided to keep interest rates unchanged, mirroring a similar slip seen in Bitcoin.

When Brandt made his prediction, Ether was trading at $1,587. It has since moved up slightly and is currently changing hands around $1,596—showing a 0.8% increase in the past 24 hours.

Brandt is no stranger to controversy in the crypto space. He has previously dismissed Ethereum as “worthless junk.” However, he later shared that he has come around to the view that Ethereum has value due to its role in DeFi and Web3.

In contrast to Brandt’s bearish stance, NBA Hall-of-Famer Scottie Pippen shared an optimistic outlook. He believes a major altcoin season could begin as early as this Sunday, following patterns seen after previous Bitcoin halvings.

Pippen has expressed support for Ethereum, highlighting his involvement in a project focusing on AI, gaming, and the tokenization of real-world assets.

Meanwhile, Tron founder Justin Sun is keeping his Ethereum. He also stated that he will continue working with Ethereum developers to drive innovation and collaboration in the crypto ecosystem.