A veteran trader who became a legend in crypto circles after nailing Bitcoin’s collapse in 2018 is sounding the alarm on leading smart contract platform Ethereum.
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Peter Brandt tells his 645,700 Twitter followers that Ethereum is forming a descending triangle, a continuation pattern that suggest further downside risk for ETH.
“Not ready to dive head first into your crazy NFT world, but ETH looks like a good prospect for a measured risk short trade… 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.“
![](https://todayincrypto.com/wp-content/uploads/2022/06/peter-2-1024x534.jpeg)
Looking at the trader’s chart, the bearish pattern might play out if Ethereum takes out support at around $1,750.
Brandt is not the only popular analyst who’s bearish on Ethereum. Crypto strategist Cantering Clark also tells his 134,600 Twitter followers that ETH looks ripe for a sharp leg down as it now trades way below its diagonal support that has kept the market bullish since March 2021.
“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.”
![](https://todayincrypto.com/wp-content/uploads/2022/06/peter-3-1024x382.jpeg)
Meanwhile, fellow crypto strategist Credible is looking at the performance of ETH against Bitcoin (ETH/BTC). According to Credible, the ETH/BTC pair appears poised to lose over 41% of its value from its current price of 0.060 BTC worth $1,785.
“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.”
![](https://todayincrypto.com/wp-content/uploads/2022/06/peter-4-1024x515.jpeg)
Credible is a staunch Bitcoin bull who believes BTC will print a new all-time high this year (fifth wave), outperforming most altcoins during the initial stages of the rally.
Credits: The Daily Hodl