Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is back in the headlines—this time, for a grim forecast. Legendary market analyst and veteran trader Peter Brandt has sent ripples through the crypto community after predicting that Ethereum may soon revisit its 2022 lows of around $800. According to Brandt, the recent market structure and current technical indicators are painting a picture of significant downside risk for ETH.

Brandt, a well-known figure in both traditional commodities and crypto trading circles, posted his analysis on social media earlier this week. He shared a chart showing a descending triangle pattern forming on Ethereum’s daily price chart—an often bearish setup that can signal further declines. At the time of his post, Ethereum was trading around $1,587. Though it has since recovered slightly, rising to $1,601, Brandt believes this bounce may only be temporary. He expects the pattern to play out in the coming weeks, with Ethereum eventually tumbling as low as $800.

A descending triangle typically appears when lower highs are formed while the price is repeatedly testing a horizontal support level. As sellers continue to dominate, support eventually breaks, often leading to sharp declines. If Brandt’s interpretation is correct, ETH could be in for a significant move downward—cutting its value by nearly 50% from current levels.

The warning comes after Ethereum has already experienced a substantial 46% drop over the past year. Just days ago, ETH slipped 4% in tandem with Bitcoin following the U.S. Federal Reserve’s declaration to maintain interest rates at current levels. Although Ethereum has managed to regain some ground since that drop, the market appears fragile, with sentiment divided between cautious optimism and looming fear.

Adding fuel to the debate, Brandt didn’t hold back in his assessment of Ethereum. Earlier this week, he labeled the cryptocurrency “worthless junk,” a statement that stirred controversy online. His harsh critique stands in sharp contrast to others in the space who continue to support ETH for its role in powering decentralized applications, smart contracts, and various blockchain projects.

Interestingly, not everyone shares Brandt’s bearish outlook. High-profile figures such as NBA Hall of Famer Scottie Pippen and Tron founder Justin Sun have expressed bullish views on Ethereum’s future. Pippen, who is reportedly working on an Ethereum-based project focused on AI, gaming, and tokenization of real-world assets, recently stated that the biggest altcoin season in years is about to begin. He pointed to historical patterns, noting that major altcoin rallies tend to start roughly 340 days after a Bitcoin halving. Given that the last halving occurred in April 2024, he believes the next wave is just around the corner.

Meanwhile, Justin Sun, a key player in the crypto industry and the founder of Tron, has also voiced continued support for Ethereum. Despite ETH’s recent underperformance compared to Bitcoin, Sun said he has no plans to sell Ethereum holdings. Instead, he expressed interest in further collaborations between the Tron ecosystem and Ethereum developers, aiming to build bridges and create innovative blockchain solutions together.

This divergence in opinion—between a seasoned trader predicting a crash and influential builders expressing long-term optimism—highlights the broader uncertainty surrounding the crypto market right now. Ethereum’s next move may well depend on macroeconomic developments, upcoming regulatory decisions, and investor sentiment in the weeks ahead.

For now, traders and investors are left weighing Brandt’s technical analysis against bullish arguments from within the industry. Whether ETH plunges to $800 or rebounds toward new highs, one thing is certain: the next few months could prove critical for the future of Ethereum.