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- Veteran trader Peter Brandt warns of a possible Ethereum drop to $800 if key support fails.
- ETH battles resistance as mixed signals emerge from analysts, celebrities, and market data.
- XRP surpasses Ethereum in fully diluted valuation amid shifting investor sentiment and predictions.
Peter Brandt who is a veteran trader warns Ethereum investors that their holdings could sink to $800. Brandt indicates Ethereum shows a descending triangle formation which technical analysts commonly view as a bearish indicator.
At the time of his analysis, Ethereum was trading at $1,575 and clinging to a vital support zone near $1,500. According to Brandt’s assessment the asset price could return to its previous 2022 low point in case the support zone at $1,500 is broken.
Brandt Predicts Price Collapse Amid Market Struggles
The downward sloping triangle pattern should not be understated because it shows historical patterns of market decline according to Brandt. If Ethereum fails to hold its ground, the price may plunge to $800, deepening losses for investors already dealing with a difficult year.
Ethereum experienced a decrease exceeding 46 percent during the last year because of market pressure on recent investments. After the Federal Reserve decided to keep existing interest rates Ethereum suffered a further 4% decline this week.
Currently, Ethereum has shown a minor rebound and is trading at approximately $1,596, reflecting a daily gain of 0.8 percent. The market’s current state along with resistance factors continue to generate worries independently of the marginal price increase.
Brandt has previously expressed skepticism toward Ethereum, once labeling it as “worthless junk.” His latest perspective strengthens his negative outlook which affects the way investors view his opinions.
Diverging Views from Public Figures and Analysts
Brandt holds a negative perspective while various experts show greater positive postures about Ethereum’s future development. NBA star Scottie Pippen showed his backing for cryptocurrency when he predicted an upcoming altcoin market season will begin shortly.
Pippen, who is involved in a blockchain project linked to AI and gaming, believes Ethereum remains a key player. Ethereum receives favorable predictions from him which creates stark opposition to Brandt’s unfavorable outlook of the network.
Tron founder Justin Sun has also affirmed his commitment to Ethereum, stating he continues to work with developers to promote innovation. Ethereum holds no value loss for Sun since he still actively supports the network and has kept all his tokens.
According to recent data XRP has taken over Ethereum’s fully diluted market value by reaching $208.4 billion versus Ethereum’s current figure of $192.5 billion. Based on circulating supply calculations Ethereum remains ahead as the leader but XRP surpassed Ethereum in fully diluted market valuation reaching $208.4 billion while Ethereum stands at $192.5 billion.
The increase in XRP’s fully diluted market value results from regulatory advancements that attract institutional investors plus expanding use of the system for international payments. Meanwhile, Ethereum continues to face challenges from competing networks and changes in tokenomics.
Standard Chartered has projected that XRP may reach $12.50 by 2028, potentially overtaking Ethereum in market capitalization. The prediction stems from anticipated better industry regulations coupled with expanding network acceptance.
Analyst Ali Martinez highlighted that Ethereum is currently trading between $1,540 and $1,630. A breakout from this range is expected to determine Ethereum’s short-term direction.
According to Martinez, Ethereum is now within a key accumulation zone, a pattern historically seen before price recoveries.
Conclusion
Ethereum remains under pressure as it battles to stay above the critical $1,500 support level. The market uncertainty along with Brandt’s warning brings additional concerns to optimistic investors.
Also Read: Ethereum Whales Accumulate Over $100M in ETH as Market Struggles to Find Direction
