Peter Brandt doesn’t maintain again in the case of Ethereum, because the veteran dealer has been vocal about his skepticism for years, and he’s not altering his tune now. Ethereum? Nonetheless weak, nonetheless dropping floor towards Bitcoin. Nonetheless, in his view, a nasty guess. However right here’s the half that caught individuals off guard: he didn’t dismiss the potential of a short-term transfer completely.
The broader crypto market has not precisely been clean crusing. In a matter of hours, an estimated $8 billion have been worn out in liquidations. The entire market cap? Down by about $540 billion.
Bitcoin (BTC), the primary occasion, took successful however stayed inside a key worth vary, in keeping with Brandt. Now the knowledgeable dealer sees two potentialities: a rally to $136,000, which might be a brand new all-time excessive, or a drop into the mid-$70,000s, the place an outdated unclosed hole on CME Bitcoin futures from November nonetheless lingers.
Paging, Mr. Darvas. If a Nicolas Darvas is within the viewers, please come to the data desk $BTC pic.twitter.com/5qfZahDQ8u
— Peter Brandt (@PeterLBrandt) February 3, 2025
Naturally, somebody needed to ask about Ethereum, and Brandt doubled down. He has been proper about ETH’s underperformance, says the dealer. The ETH/BTC chart solely confirms it — Ethereum continues to weaken relative to Bitcoin. No shock there.
The catch
When pressed about whether or not Ethereum may need a aid rally, Brandt didn’t simply shut the concept down. He truly entertained it. It’s most likely proper, he admitted. Not precisely an endorsement, however from somebody who has been so constantly bearish on ETH, it was sufficient to make individuals take discover.
In all probability proper
— Peter Brandt (@PeterLBrandt) February 3, 2025
So the place does that depart issues? Brandt nonetheless doesn’t consider in Ethereum as a powerful play. He nonetheless sees Bitcoin because the dominant pressure. However, if even he’s leaving the door open for a possible short-term ETH transfer, merchants would possibly wish to listen. A small window of alternative? Possibly. A shift in his total view? Not an opportunity.