- Veteran trader Peter Brandt has reignited concerns about Ethereum, calling it “worthless trash” and “completely broken,” citing high fees, technical complexity, and a lack of meaningful progress since the Merge.
- As Ethereum faces growing skepticism and market stagnation, its future hinges on proving its value through upcoming updates and structural reforms.
For some, it’s a personal issue, whereas for others, it’s merely a professional one. Notably, a market veteran with four decades of experience in technical analysis and a staggering 700K+ strong, breathlessly awaiting his next revelation, its sure to say that when he speaks, the crypto world pays attention.
Peter Brandt, known for his reckless, and yet brutal statements, on April 14 dropped a bombshell. Through his X account, Brandt gave out a blunt dismissal stating that “Ethereum is a worthless trash.”
His statement about the second largest cryptocurrency by market cap spread fast within the crypto community. His statements have reignited debates about Ethereum’s future and reigniting maximalist arguments in favor of Bitcoin. or probably Solana.
Brandt’s condemnation wasn’t entirely unexpected. In November 2024, he had already labeled Ethereum a “completely broken utility token,” pointing to its high gas fees and convoluted architecture. For Brandt, Ethereum’s technical complexity, prohibitive transaction costs, and unclear market positioning make it a poor contender for long-term value storage. He sees only Bitcoin as meeting that benchmark.
His recent post, though brief, is a culmination of consistent criticism. Brandt has repeatedly taken aim at altcoins, but his relentless focus on Ethereum carries weight. He criticizes its ambiguous role, trying to be a smart contract platform, DeFi hub, and rival L1 blockchain all at once, arguing that this lack of focus weakens its overall value proposition.
Moreover, he sees Ethereum’s track record as littered with overpromised and underdelivered milestones, further eroding its credibility.
Brandt criticism falls at not a exactly a triumphant tableau. Ethereum has been trading on the red. Notably the king of altcoins has failed to regain its all-time high of $4,000 since November 2021.
At the time of writing, ETH is swapping hands with $1,628.81 marking a 3.25% decline in the past 24 hours.
Despite the “Merge” that transitioned the network to proof-of-stake, investors and developers alike are expressing growing frustration at the absence of substantial progress since.
The much-anticipated “Pectra” update may promise improvements, but skepticism runs deep.
Brandt’s comments also reflect a wider sentiment brewing within the market: Ethereum’s roadmap is caught in a delicate balancing act between scalability and decentralization. With no clear consensus and rising competition from more agile Layer 1s, the pressure is mounting. For some, this could signal the early stages of Ethereum’s decline, especially if upcoming updates fail to address core issues like gas fees and user accessibility.
In the short term, Brandt’s harsh take may bolster pro-Bitcoin maximalist narratives, potentially influencing investor sentiment. Over the longer term, Ethereum must prove that it still has the vision and technical capacity to deliver. The community is at a crossroads: without rapid and tangible progress, Ethereum risks not just falling behind—but becoming irrelevant.