Long Position in ETH Considered by Peter Brandt After Criticizing Ethereum

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by Giorgi Kostiuk

3 years ago

Made with AI

Commodity trader Peter Brandt has shared another tweet related to Ethereum. In his recent post, he mentioned that being a chart-based swing trader would not deter him from taking a leveraged long position in ETH if the charts suggested it. Brandt emphasized that a chart is a chart, regardless of his previous opinions.

Today, Brandt expressed his negative stance on ETH, referring to it as a "junk coin" despite disapproving views from ETH supporters. He believes that Ethereum lacks the ability to compete with Bitcoin as a store of value, labeling it as a mere copycat. Brandt criticized Ethereum for its challenging functionality, citing issues with layer-2 solutions and high transaction fees.

Although Brandt is skeptical about Ethereum's potential, he mentioned that the platform will continue to appeal to investors, specifically mentioning those devoted to Ethereum. In a previous statement, Brandt admitted to shorting ETH in anticipation of a decline in value.

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