Peter Brandt does not hold back when it comes to Ethereum, as the veteran trader has been vocal about his skepticism for years, and he is not changing his tune now. Ethereum? Still weak, still losing ground against Bitcoin. Still, in his view, a bad bet. But here’s the part that caught people off guard: he did not dismiss the possibility of a short-term move entirely.
The broader crypto market has not exactly been smooth sailing. In a matter of hours, an estimated $8 billion were wiped out in liquidations. The total market cap? Down by about $540 billion.
Bitcoin (BTC), the main event, took a hit but stayed within a key price range, according to Brandt. Now the expert trader sees two possibilities: a rally to $136,000, which would be a new all-time high, or a drop into the mid-$70,000s, where an old unclosed gap on CME Bitcoin futures from November still lingers.
Paging, Mr. Darvas. If a Nicolas Darvas is in the audience, please come to the information desk $BTC pic.twitter.com/5qfZahDQ8u
— Peter Brandt (@PeterLBrandt) February 3, 2025
Naturally, someone had to ask about Ethereum, and Brandt doubled down. He has been right about ETH’s underperformance, says the trader. The ETH/BTC chart only confirms it — Ethereum continues to weaken relative to Bitcoin. No surprise there.
The catch
When pressed about whether Ethereum might have a relief rally, Brandt did not just shut the idea down. He actually entertained it. It is probably right, he admitted. Not exactly an endorsement, but from someone who has been so consistently bearish on ETH, it was enough to make people take notice.
Probably right
— Peter Brandt (@PeterLBrandt) February 3, 2025
So where does that leave things? Brandt still does not believe in Ethereum as a strong play. He still sees Bitcoin as the dominant force. But, if even he is leaving the door open for a potential short-term ETH move, traders might want to pay attention. A small window of opportunity? Maybe. A shift in his overall view? Not a chance.
