You can insert an IMAGE merge field instead of using a picture placeholder. Image merge fields have the advantage of dynamically sizing an image while maintaining its proportions and working within table cells.
Image merge fields use the following syntax: {{IMAGE:FieldName:[Height]:[Width]}}
Merge Field Syntax Components
IMAGE: indicates the field type.
FieldName: is the name of the Salesforce field.
Height and Width are optional parameters to define the size of the image in pixels. If only one of the size parameters is specified, the resulting image will maintain its original proportions.
To specify the width and scale the height proportionately, leave the height value blank and include two colons (::) after the FieldName and before the pixel value of the width.
Image with a fixed height of 50 pixels.
{{IMAGE:OPPORTUNITY_PHOTO_URL:50}}
Square image of 50 pixels high and wide.
{{IMAGE:OPPORTUNITY_PHOTO_URL:50:50}}
When image fields are used in table cells, the image is applied to the cell background.