Bitcoin critic Peter Schiff has made grim predictions for the Ethereum price, foreseeing a further decline that could push prices below $1,000. Schiff believes that the recent market selloff affecting Ethereum will worsen in the coming days, leading to a steep correction for the second-largest cryptocurrency. Despite some optimists disagreeing with Schiff’s predictions, historical patterns suggest a deeper decline in the Ethereum price, with little evidence of a quick recovery.
Schiff’s prediction is based on the recent jarring price drops seen by Ethereum, with the cryptocurrency struggling to hold above $1,500 after a 20% drop in just one day. The Ethereum price hit a daily low of $1,400 before slightly rebounding above the $1,500 mark. Schiff notes that technicals and fundamentals are painting a grim picture for Ethereum, indicating that it may not be long before the price falls below $1,000. On-chain indicators also show no signs of a resurgence for ETH, which has been stuck below $2,000.
Comparisons with Bitcoin and gold reveal the dire condition of Ethereum, according to Schiff. He points out that during the last market crash in mid-2022, Ethereum fell below $1,000 and has struggled to trade above that level since then. The ETH/BTC chart shows a steady downtrend, indicating significant selling pressure for the Ethereum price. Schiff describes Ethereum’s chart as “horrible” and notes that it is faring worse against Bitcoin and gold. Despite the negative outlook, investors believe that Ethereum price could rally to as high as $4,000 but will have to deal with whale selloffs and market risk-on sentiment.
In addition to his predictions for Ethereum, Schiff also extends his grim outlook to Bitcoin, forecasting a price of $10K for the leading cryptocurrency. He criticizes claims of Bitcoin being digital gold, pointing to steep declines in the face of macroeconomic challenges. Schiff’s bearish predictions for both Bitcoin and Ethereum are based on his analysis of the current market conditions and historical trends. Investors and enthusiasts will be closely watching to see if Schiff’s forecasts come to fruition or if the cryptocurrencies defy expectations and experience a reversal in their price trends.
