Bitcoin to Finally ‘Bury’ Ethereum? Peter Brandt Issues Grim Epic ‘Letter From the Grave’ Call

by

As an analyst with over four decades of experience in the financial markets, I find myself intrigued by the current state of Ethereum (ETH) in relation to Bitcoin (BTC). The chart is reminiscent of a ghost from the past, a letter from the grave, as Peter Brandt so eloquently put it.

Despite Bitcoin (BTC) consistently hitting new record highs, Ethereum (ETH), the foremost altcoin in the crypto market, is plunging steeply compared to it. Since January, ETH has dropped by approximately 46.99% against BTC’s value from its yearly peak. This decline has caused ETH to be worth 0.03187 BTC per Ethereum, a level not seen since March 2021 – nearly four years ago.

Indeed, the lively debates surrounding Ether’s poor performance, often humorously criticized as its harsh ridicule, revolve around an asset that was once thought capable of outperforming Bitcoin, are indeed quite popular.

Therefore, the state of the Ethereum/Bitcoin chart piqued the interest of Peter Brandt, a seasoned trader active since the 1970s, who responded to it in an unconventional manner. In his analysis, he posed a question that seemed mysterious: “Is this a message from beyond the grave??” This phrase carries a sense of foreboding.

From the chart Brandt provided in his post, it appears that the trader is perplexed because the price of Ethereum (ETH) has almost reached a significant level of dynamic support which can be traced back to 2017.

A letter from the grave???? $ETHBTC

— Peter Brandt (@PeterLBrandt) November 21, 2024

As a crypto investor, I find myself standing on the precipice of what could be a defining moment for the major altcoins over the past seven years. It’s now or never to silence the naysayers or deal a potentially fatal blow to an asset that was once worth a staggering $559 billion (not including the approximately $120 billion ecosystem).

Is Solana able to dethrone Ethereum?

Although the general opinion and the price of the primary altcoin have reached similar low points, it remains a significant player in the market that cannot be ignored, particularly by traders and investors who are disheartened by their losses in Ethereum-related tokens and find themselves envious of Solana supporters raking in substantial profits from various “meme coins” (not just those).

The SOL token itself is going for an all-time high upgrade right now with great fanfare.

Brandt’s query, though dramatic, appears significant regarding the interplay between Ethereum and Bitcoin. As the cryptocurrency market evolves, there’s a growing risk that Ethereum could be confined for an extended period, potentially allowing another player to seize a larger portion of the crypto market share.

Read More

2024-11-21 13:00