Senior trader Peter Brandt is extremely bearish on Ethereum (ETH).
In a recent tweet, Brandt predicts that the price of Ether, the world’s second-largest cryptocurrency by market capitalization, could drop as low as $300. To underline the extreme bearish trend, Brandt said that he would not buy the leading altcoin even with his enemy’s money.
On Saturday, the cryptocurrency fell as low as $881 on the Binance exchange, its lowest level since December 2020.
After a modest relief rally, ETH is now changing hands at $1035 on Binance. However, the community generally thinks it will still be on a downward trend.
Ether is down 78% from its record high of $4878 reached in November. The top altcoin will need to drop another 69% from here to reach Brandt’s bearish price target.
The chart suggests a target of $300. Targets are not sacred — sometimes they are hit, sometimes not, sometimes exceeded. But for now I would not buy $ETH with my enemy's money $ETH pic.twitter.com/syZvhGxve2
— Peter Brandt (@PeterLBrandt) June 18, 2022
Earlier this month, Brandt correctly predicted that the Ether price would continue to decline.
