- Peter Brandt maintains Ethereum skepticism, citing its ongoing underperformance against Bitcoin despite recent crypto market volatility.
- Brandt acknowledges possible short-term Ethereum rally but reaffirms long-term bearish outlook on ETH/BTC ratio trends.
Veteran trader Peter Brandt reaffirmed his long-standing skepticism toward Ethereum, citing its persistent weakness against Bitcoin. Brandt, known for his critical views on ETH, stated the asset continues to underperform despite recent market volatility.
His comments follow a turbulent week where crypto markets lost $540 billion in value, with $8 billion in leveraged positions liquidated within hours.
Bitcoin’s price action remains Brandt’s primary focus
He outlined two scenarios: a rally to $136,000, setting a new record, or a correction to the mid-$70,000s. The latter would close a gap in CME Bitcoin futures left open since November 2023. Brandt emphasized Bitcoin’s resilience, noting it retains key support levels despite broader market declines.
Paging, Mr. Darvas. If a Nicolas Darvas is in the audience, please come to the information desk $BTC pic.twitter.com/5qfZahDQ8u
— Peter Brandt (@PeterLBrandt) February 3, 2025
When questioned about Ethereum, Brandt reiterated his bearish stance. The ETH/BTC ratio, which measures Ethereum’s value relative to Bitcoin, continues trending downward, aligning with his past critiques. However, he conceded Ethereum could experience a short-term price rebound. “It’s probably right,” Brandt stated when asked about a potential relief rally, marking a rare departure from his usual dismissive tone.
As on other occasions at ETHNews, our reporting on Peter’s words has become known, Brandt’s conditional openness to an ETH bounce surprised some observers, given his history of comparing Ethereum unfavorably to Bitcoin.
He clarified that any rally would not alter his long-term view. “Ethereum lacks Bitcoin’s structural advantages,” he implied, echoing prior arguments about ETH’s susceptibility to centralization and competitive pressures.
The broader context reinforces Brandt’s caution
Ethereum has struggled to attract institutional inflows matching Bitcoin’s, partly due to the success of spot Bitcoin ETFs launched in early 2024. Meanwhile, Bitcoin’s upcoming halving in April 2028—which will reduce mining rewards—could further highlight its scarcity narrative, contrasting with Ethereum’s evolving tokenomics.
Traders now weigh Brandt’s analysis against market signals
Bitcoin’s dominance hovers near 52%, reflecting its status as the default crypto asset. Ethereum’s recent upgrades, including the Dencun hard fork, have reduced Layer 2 transaction costs but failed to reverse its BTC ratio decline.
For Ethereum bulls, Brandt’s tempered concession offers a sliver of hope. Short-term traders may exploit volatility around key technical levels, though long-term investors face unresolved questions about ETH’s utility versus Bitcoin’s store-of-value proposition.
As markets stabilize, Brandt’s dual narrative—cautious optimism on Bitcoin, guarded pragmatism on Ethereum—captures the sector’s split personality. While Bitcoin’s path hinges on macroeconomic trends, Ethereum’s fate may depend on proving use cases beyond speculative trading. For now, Brandt’s advice leans clear: prioritize Bitcoin, tread lightly on ETH, and prepare for both breakout and breakdown scenarios.