Legendary trader Peter Brandt has revealed his latest Ethereum (ETH) position. Known as an Ethereum critic, Brandt shared a strong opinion that suggests Ethereum is generally always weakly held.
The legendary trader said he is officially short on Ethereum futures coming into the weekend. The veteran trader noted that he does not short spot trades as that creates too much counterparty risk. It is worth noting that Peter Brandt is generally always short on Ethereum as he is convinced the digital currency has no bullish future to look forward to.
At the time, Brandt projected that the price of Ethereum would fall to $600 in the future. While this has yet to materialize, he began trading Ethereum some months back, noting that the charts present good opportunities to take advantage of.
Peter Brandt shared the chart that showcases his current outlook for Ethereum. The chart showed how Ethereum continues to nosedive from over $3,500 at its peak in April. Brandt marked a recent turning point at $3,058.43 that was accompanied by a sharp long bearish candle.
Strong opinions — always weakly held
I am officially short ETH futures coming into the weekend
I do NOT short spot – too much counter party risk
I always use stops
If mkt goes against me this weekend I will buy spot and then exchange it for futures position on Monday$ETH pic.twitter.com/I09x231FbP— Peter Brandt (@PeterLBrandt) May 10, 2024
At the time of writing, Ethereum’s price has breached the $3,000 support zone and is currently changing hands for $2,908.05, down by 4.17% in 24 hours. The Ethereum futures short trade he placed comes with a twist. While cautioning his followers, Peter Brandt said he always uses stop losses. He said if his trade goes against him, he would buy a spot and switch it for a futures position on Monday.
Peter Brandt brings decades of experience into the crypto trading game. Many follow his trades, however, not everyone believes in his doomsday thesis for Ethereum. This is especially true considering how Ethereum has been innovating with a series of protocol upgrades in recent times.
The blockchain is currently experimenting on how to solve its gas fee problems through a recent proposal introduced by its co-founder Vitalik Buterin.
