![Legendary trader Peter Brandt is shorting Ethereum futures, but there's a catch](https://u.today/sites/default/files/styles/736x/public/2024-05/48211.jpg)
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Legendary trader Peter Brandt has revealed his latest position on Ethereum (ETH). Known as a critic of Ethereum, Brandt sharing a strong opinion that suggests Ethereum is generally still thinly held.
The legendary trader said he is officially out of Ethereum futures coming this weekend. The seasoned trader noted that he doesn't do spot trades because it creates too much counterparty risk. It should be noted that Peter Brandt is generally always running out of Ethereum because he is convinced that the digital currency has no bullish future to look forward to.
At the time, Brandt predicted that the price of Ethereum would fall to $600 in the future. Although this has not come to fruition yet, he began trading Ethereum a few months ago, noting that the charts presented good opportunities to exploit.
Peter Brandt shared the chart which shows his current outlook for Ethereum. The chart shows how Ethereum continues to fall from over $3,500 to its peak in April. Brandt marked a recent turning point at $3,058.43, accompanied by a long bearish candle.
At the time of writing, Ethereum price has broken through the $3,000 support zone and is currently changing hands for $2,908.05, down 4.17% in 24 hours. The Ethereum futures short trade he made has a unique feature. While warning his supporters, Peter Brandt said he always uses stop losses. He said if his trade went against him, he would buy a spot and exchange it for a futures position on Monday.
Peter Brandt brings decades of experience to the cryptocurrency trading game. Many follow his professions, but not everyone believes in his apocalyptic thesis for Ethereum. This is especially true considering how Ethereum has innovated with a series of protocol upgrades in recent times.
Blockchain is currently experimenting with how to solve its gas fee issues with a recent proposal introduced by its co-founder Vitalik Buterin.