Bitcoin critic Peter Schiff has revealed grim predictions for the Ethereum price, tipping the second-largest cryptocurrency to see new lows. Schiff says the broader selloff affecting Ethereum will worsen in the coming days and can push prices below $1,000
Peter Schiff Sees Ethereum Price Tumbling Below $1,000
As the market reels from the bloodbath over the weekend, Bitcoin critic Peter Schiff says darker days are coming for Ethereum. In a post on X, Schiff predicts that the Ethereum price will continue the steep correction that will see it fall under $1,000.
The Bitcoin critic is hinging his prediction on the recent jarring price drops faced by the largest altcoin in recent days. The latest correction sees ETH hold onto $1,500 after falling by 20% over the last day.
Ethereum price reached a daily low of $1,400 before gingerly picking its way above the $1,500 mark. Given the grim price action, Peter Schiff says it is only a matter of time till the Ethereum price falls under $1,000 with technicals and fundamentals painting a grim picture.
“Ether crashed below $1,500 for the first time in over two years,” said Schiff. “So far, the intraday low was just above $1,400, a 20% drop overnight. I don’t think it will be long before it breaks below $1,000.”
ETH remains stuck under $2,000 since it slipped below the psychological level back with on-chain indicators showing no signs of a resurgence.
Comparisons With Bitcoin And Gold Reveal Ethereum’s Dire Condition
While optimists may disagree with Schiff’s prediction, historical patterns point to a deeper decline in the Ethereum price. Peter Schiff argues that during the last market crash in mid-2022, Ethereum slipped below $1,000, noting that there is little evidence that the cryptocurrency will trade above the psychological level in the market downturn.
He adds that while the Ethereum price is weak in dollar terms, the asset is faring worse on ETH/BTC charts. A steady downtrend on the ETH/BTC chart confirms massive selling pressure for the Ethereum price, with gold being its “worst-looking chart.”
“It barely held $1,000 in June 2022,” said Schiff. “The chart is horrible, even worse priced in Bitcoin than dollars. Of course, its worst-looking chart is priced in gold.”
Despite the dour predictions, investors say Ethereum price can rally as high as $4,000 but will have to contend with whale selloffs and market risk-on sentiment.
Peter Schiff’s grim predictions extend to the top cryptocurrency with the economist tipping Bitcoin price to $10K. He went on to criticize claims of Bitcoin as digital gold, pointing to steep declines in the face of macroeconomic woes.
The post Peter Schiff Predicts Ethereum Price To Drop Below $1,000, Compares It To Bitcoin And Gold appeared first on CoinGape.
