Ethereum
Peter Schiff Predicts Ethereum Crash to $1,500: Details
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In a recent tweet, a renowned economist and cryptocurrency skeptic Pierre Schiff predicted a significant drop for Ethereum, predicting a crash to $1,500.
Schiff noted that Ethereum is also breaking through key support levels, having previously said a similar thing about Bitcoin. Currently trading below $2,900, Ethereum has already fallen 30% from its March high.
Boat He noted that the market appears to be reacting prematurely to the anticipated launch of an Ethereum ETF. “It seems like those buying the Ether ETF rumors couldn’t wait to sell,” he commented, suggesting that investors who bid up the price based on ETF speculation are now exiting their positions, contributing to the downward pressure on Ethereum’s price.
At the time of writing, ETH was down 9.3% over the past 24 hours, sitting at $2,872.
As Ethereum hovers dangerously below $2,900, Schiff’s bearish outlook adds to growing concerns within the crypto community. Predicting a drop to $1,500 would represent a significant decline and could further influence market sentiment.
Cryptocurrency market losses deepen
Schiff’s comments come at a time when the broader cryptocurrency market is experiencing some volatility. CoinGlass According to the data, more than $800 million in bullish crypto bets have been liquidated over the past three days, one of the largest liquidations since April.
Bitcoin fell for the fourth straight session, part of a broader cryptocurrency selloff that contrasts with recent record highs in global stock markets. Ethereum suffered deeper losses, reaching 10%.
Approvals for U.S. Ethereum ETFs are imminent, but interest in the products could be muted if the cryptocurrency selloff continues.
Investors are looking ahead to U.S. employment data due next Friday for a glimpse into the Fed’s monetary policy. Recent weak economic indicators have strengthened the case for the U.S. Federal Reserve to ease monetary policy in the coming months.
Likewise, the market will be closely monitoring Ethereum’s performance and the potential impact of ETF developments in the coming weeks.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.