A stock broker told me to buy Ethereum at the top - Why is that actually bad?

Opinion piece on investment banks entering the cryptocurrency area and their inefficiency

Today a friend of mine got a call from one of the prominent investment banks in the country we live.
He has an account with this bank and a small investment portfolio. The broker on the other end of the line said "Hi , I've got a good investment for you. It's called Ethereum".

Shortly after that call he contacted me and asked me if Ether were to be a good investment. My opinion was the complete opposite of the sales pitch his broker made. No wonder, it's a sales pitch. Whenever they sell you something they can get commission and bonusses.

At first we had quite the serious argument about me scoulding his broker. I'm just a cryptotrader, not a financial analyst working at a respectable bank so I can see why our opinions were this different.
Some sensible arguments later I got him to change his mind on the Ethereum hype.

Quote: "I'm not saying Ethereum can't be a good investment towards the future. However I don't think buying at the top here is a good trade plan. The price has increased dramatically over the last few months but functionality didn't.

I told him I liked the concept Ethereum and the problems that blockchain solves. I also told him Ethereum faces serious technical, usability and future legal issues that make me choose other crypto assets over Ethereum at this point."

A long story short I think it's scandalous that these investment banks are trying to get their customers to jump into a hype without proper analysis. Here are my key issues with Ethereum.

Too much supply held by the inner circle
It's not immutable, going against the very core concept of blockchain
It was offered as a security, SEC trouble might follow. That security was then manipulated.
Technical issues and hard forks to solve this
Security issues are still there after the DAO attack, and the theft of 10M$ by developers in the aftermatch
Central governence compared to bitcoin that just "exists"
The price is too high at the moment !

Thank you for reading my this opinion piece. I hope you found some interesting ideas that will resonate.