Ethereum has been experiencing a significant drop in its price recently, reaching a low of $1,437.84 before showing a slight rebound. Despite a 4% increase in the last 24 hours, Ethereum is still facing a bearish trajectory and uncertainty in the market. Bitcoin skeptic Peter Schiff has predicted that Ethereum could fall below $1,000 in the near future, citing its recent crash below $1,500 and a 20% drop overnight. Schiff’s bearish stance has been criticized by the crypto community, with many pointing out the growth of Ethereum’s ecosystem despite price fluctuations.
Schiff argues that Ethereum’s current conditions show little strength to prevent a repeat of its drop below $1,000 during the 2022 crash. He emphasizes Ethereum’s weakness compared to the US dollar and Bitcoin, pointing to a persistent downtrend in the ETH/BTC chart that reflects increasing sell-side pressure. Schiff believes that Ethereum is one of the weakest assets in the market, even comparing it unfavorably to gold. Despite the controversy surrounding Schiff’s predictions, past market behavior seems to support his caution.
To escape its bearish grip, Ethereum must reclaim the $1,850–$1,900 range with strong trading volume. Without this recovery, the downside pressure on Ethereum could intensify, potentially leading to a deeper pullback toward $1,650. The current price structure of Ethereum paints a grim picture, signaling a precarious outlook for the leading altcoin. In the near term, if Ethereum falls below the $1,750 level, it could pave the way for further price deterioration, making it a critical zone to monitor for investors and traders. Overall, the market sentiment towards Ethereum remains uncertain as it struggles to overcome its current bearish trend and reclaim key levels of support.
