Peter Brandt recently gave a harsh review of Ethereum (ETH), but it looks like he has changed his mind about the cryptocurrency.
Brandt, who is known for being honest about his thoughts on different assets, called ETH a “junk coin” in a tweet that got a lot of attention in the cryptocurrency community.
But Brandt’s most recent tweet shows that he has changed his mind. Even though he used to say bad things about Ethereum, he now says he might consider going long on ETH if the charts showed good conditions. A lot of people are surprised by this statement because he used to dislike cryptocurrencies.
Ethereum Swing Trader Peter Brandt’s Chart-Based Strategy
In his tweet, Brandt said, “As a chart-based swing trader, I pay close attention to the charts.” I would not think twice about taking action if the charts show a possible chance for a leveraged long trade in ETH. It’s just a chart.
After earlier criticizing Ethereum’s features and what he saw as its failure to compete with Bitcoin as a store of value, Brandt has now changed his mind. He was also doubtful about Ethereum’s layer-2 answers and the high transaction fees that affect its blockchain.
Even though Brandt has doubts about Ethereum’s technical skills, he admits that investors, whom he has called “Etheridiots,” continue to be interested in the cryptocurrency. This word, which is meant to be offensive, emphasizes his opinion that ETH continues to gain devoted followers even though it is thought to have some problems.
Brandt’s changed views on Ethereum show how volatile the cryptocurrency market is and how hard it is to make trading decisions when things are always changing. Even though he still doesn’t like some parts of ETH, the fact that he is ready to think about a long position shows how he sees opportunities in the market, which are mostly based on technical analysis.
