Old-school commodity trader Peter L. Brandt, who has been in the business since the mid-1970s, has stirred the crypto community with his recent tweet, where he predicts Ethereum to nosedive to a 2022 low of $800.

ETH to revisit $800, Peter Brandt predicts

Brandt shared a chart, which clearly demonstrates the way he expects Ethereum price trajectory to go from the current trading point. The chart shows a descending triangle pattern which usually predicts further and deeper price declines.

Over the past year, the second largest cryptocurrency has already displayed a massive 46% decline. Since Wednesday, when ETH crashed by 4%, following Bitcoin down after the Fed Reserve’s announcement about maintaining the current interest rates, it has recovered by 3.56% and is changing hands at $1,601. When Brandt published his chart, ETH traded at $1,587 per coin.

Earlier this week, Peter Brandt slammed Ethereum as “worthless junk.”

Scottie Pippen and Justin Sun bullish on Ethereum

As covered by U.Today, earlier this week, the famous NBA player Scottie Pippen predicted the start of the biggest altcoin season this Sunday. He stated that historically, such a bull run has always begun approximately 340 days after a Bitcoin halving.

The most recent halving took place last year on April 20. That year, the SEC also approved on spot ETFs based on Bitcoin and Ethereum. All along, Bitcoin ETFs have been showing much higher inflows and smaller outflows than Ethereum ETFs.

Scottie Pippen stated that he was bullish on ETH long-term since he is building a project on this network. It is focused, on AI, gaming, and tokenization of real-world assets (RWA).

Tron founder and owner of two crypto exchanges – Poloniex and Huobi – Justin Sun also tweeted that despite the recent poor performance, Tron does not intend to sell its Ethereum holdings. What they plan is to seek more opportunities to collaborate with Ethereum developers and work to improve the crypto space together.