According to U.Today, renowned trader Peter Brandt has publicly announced his short position on Ethereum (ETH) futures. Brandt, known for his critical stance on Ethereum, has previously suggested that the digital currency is generally weakly held. He has now confirmed that he is officially short on Ethereum futures as the weekend approaches. Brandt clarified that he does not short spot trades due to the high counterparty risk involved.
Brandt has a history of being short on Ethereum, as he firmly believes that the digital currency does not have a bullish future. He had previously predicted that Ethereum's price would drop to $600, a prediction that has not yet come to pass. However, he started trading Ethereum a few months ago, stating that the charts presented good opportunities.
Brandt shared a chart illustrating his current perspective on Ethereum. The chart demonstrated Ethereum's continuous decline from over $3,500 at its peak in April, with a recent turning point marked at $3,058.43, followed by a long bearish candle. At the time of writing, Ethereum's price has broken through the $3,000 support zone and is currently trading at $2,908.05, a 4.17% decrease in 24 hours.
Brandt's short trade on Ethereum futures comes with a caveat. He advised his followers that he always uses stop losses and if the market moves against him over the weekend, he plans to buy a spot and exchange it for a futures position on Monday.
Despite Brandt's decades of experience in crypto trading and a large following, not everyone agrees with his pessimistic outlook for Ethereum. This is particularly true given Ethereum's recent innovations and protocol upgrades. The blockchain is currently exploring solutions to its gas fee issues through a recent proposal introduced by its co-founder, Vitalik Buterin.