Noted trader Peter Brandt has shared his disapproval of Ethereum, citing it as an expensive and complicated platform despite recent improvements. Known for his critical stance on the Proof-of-Stake protocol used by Ethereum, Brandt has once again sparked controversy with his comments.

Despite being a respected financial analyst within the crypto community, Brandt has labeled Ethereum as a "junk coin" in a recent post, going against the popular opinion held by many of its supporters. Even though Ethereum has played a critical role in the growth of blockchain technology and the DeFi ecosystem with its introduction of smart contracts in 2015, Brandt remains unconvinced of its value as a store of wealth and has compared it to a pretender to Bitcoin's throne.

As the second-largest cryptocurrency by market capitalization, Ethereum has experienced a slight increase in value, currently trading at $3,328.06 with a market cap of $399,579,175,493. Brandt, however, has chosen to focus on the persisting issues with Ethereum, particularly the high fees associated with its Layer 2 solutions, despite recent reports suggesting a reduction in fees following the launch of the Ethereum Dencun Upgrade.

This is not the first time Brandt has taken a negative stance on Ethereum, as he previously announced a short position on the coin in December 2023, predicting a price crash down to $600. While he did not provide a specific price forecast in his recent comments, Brandt hinted that despite its shortcomings, investors may still be drawn to Ethereum, especially if a spot Ethereum ETF is approved by the SEC. However, the odds of this approval seem low given the SEC's current classification of Ethereum as a potential investment contract.