I Would Take Long Position in ETH, Peter Brandt Says After Bashing Ethereum

Savvy commodity trader Peter Brandt has posted another Ethereum-themed tweet. This time, however, it was not so harsh as the one the trader posted earlier today when he labelled ETH a “junk coin.”

The legendary trading expert tweeted that since he is a chart-based swing trader, believing ETH to be junk would not stop him from “taking a leveraged long position in ETH if the charts so indicated.” A chart is a chart, he added.

As a post note, I am a chart-based swing trader. I would not hesitate taking a leveraged long position in $ETH if the charts so indicated. A chart is a chart is a chart. https://t.co/JcHGSUQeL4

— Peter Brandt (@PeterLBrandt) April 5, 2024

Earlier today, Brandt proclaimed ETH a junk coin “despite mindless devotion of Etheridiots.” Brandt believes that Ethereum cannot compete with Bitcoin as a store of value (“a BTC pretender”). Ethereum’s functionality is junk, he believes, since ETH is hard to use with its layer-2 solutions and tremendous transaction fees on this blockchain.

Brandt is certain, however, that Ethereum will always attract “investors,” most likely meaning “Etheridiots.” In late December last year, the trader admitted to having just shorted Ethereum.

Source