Ethereum may be facing a significant downturn as veteran trader Peter Brandt forecasts a price collapse to $800. The prediction follows a recent 4% drop in Ethereum’s value, coinciding with a broader crypto market reaction to the Federal Reserve’s decision to maintain interest rates.
According to Peter Brandt, who shared his analysis on X, he predicts that Ethereum will hit its 2022 price bottom. A descending triangle pattern appears in the posted chart which is known for its negative implications for bearish trends. ETH was worth $1,587 when Brandt posted his tweet on social media. Asset prices have slightly risen from $1,601 but Brandt predicts the gains will not last according to his analysis.
The Ethereum price decline to 46% during the previous twelve months demonstrates substantial support for a severe market fall. The financial commentator Brandt declared Ethereum to be worthless junk during his latest comments about cryptocurrency. His strong warning signal has initiated fresh considerations among market analysts and investors regarding Ethereum’s upcoming market trajectory.
Contrasting Views Emerge Amid Bearish Forecast
While Brandt’s statement added to the cautious sentiment, some notable voices in the crypto and mainstream space continue to express confidence in Ethereum. NBA legend Scottie Pippen shared a bullish outlook for Ethereum in a tweet, forecasting the beginning of a major altcoin season this Sunday. He based his projection on historical trends that show such rallies occurring roughly 340 days after a Bitcoin halving event. The most recent halving took place on April 20 last year.
The actor disclosed through Twitter that he is involved in developing a project which operates on the Ethereum blockchain. Reports describe that the project will analyze artificial intelligence applications and game development and real-world property tokenization utilizing the Ethereum network. His positive outlook about Ethereum stems from its expanding applications in different business sectors.
Tron CEO Justin Sun stated that his organization does not intend to sell any of its existing Ethereum assets in the near future. Sun stated that Ethereum developers are the team with whom they intend to closely work even though their coin shows low market performance. Blockchain developers are working towards building opportunities which strengthen the entire blockchain platform.
These opposing viewpoints demonstrate market participants are unsure of the situation. Different experts predict either a substantial drop or maintain their focus on the platform’s future advancements and conceptual development work.
Conclusion
The forecast regarding Ethereum’s price generates mixed reactions from experts. The crypto market needs to understand the direction of this altcoin because Peter Brandt made an $800 prediction and public figures now support a bullish outlook.
