U.Today - Seasoned commodity trader , who has been in the business since the 1970s and who frequently shares cryptocurrency price predictions with his 707,100 followers, has taken to Twitter/X platform to make a gloomy prediction for Ethereum.
Brandt’s gloomy Ethereum forecast
Both “Rising Wedge” and “Falling Wedge” are reversal patters, meaning that when they are completed, an asset’s price goes in the opposite direction.
Besides, apparently in the wake of these bearish Ethereum price expectations, Brandt admitted that he had shorted ETH last Friday.
Earlier this week, Brandt made another Ethereum statement and stating that it is not comparable to Bitcoin in this respect. He stated outright that there is hardly any point in storing Ethereum if you can store Bitcoin.
“The functionality and gas price of ETH make the crypto a piece of junk,” the trader stated. According to his tweet, Brandt does not believe that Ethereum can become a listed asset within the next 10 years, even though Ethereum comes in as only the second largest cryptocurrency in terms of market capitalization after Bitcoin, which was praised by Brandt.
Galaxy Digital continues selling Ethereum
The tweet published about it by blockchain sleuth @OnchainDataNerd stated that, overall, by now Galaxy Digital has transferred 31,437 ETH to Binance, worth approximately $71 million.
Novogratz himself is an early investor in Ethereum – back in 2015 from Vitalik Buterin, when Ether cost less than $1. He was the very first guy from Wall Street who agreed to invest in Ethereum in its early days.
Novogratz also bought 30,000 Bitcoins in 2012 to buy a jet whenever BTC would increase in price and hit $1,000. In that year, the flagship cryptocurrency was worth $0.99.