As a researcher with experience in the cryptocurrency market, I find Peter Schiff’s recent prediction for Ethereum to crash down to $1,500 quite intriguing. Schiff’s bearish outlook comes at a time when Ethereum is already trading below key support levels and has fallen significantly from its March high.
Recently on Twitter, well-known economist and critic of cryptocurrencies Peter Schiff forecasted a substantial decline in Ethereum‘s value, predicting it could fall as low as $1,500.
As a crypto investor, I’ve observed that Ethereum, just like Bitcoin, is currently challenging significant support levels that Schiff previously mentioned. At the moment, Ethereum is trading below the $2,900 mark, and it has already experienced a 30% decline from its March peak.
As a researcher observing the Ethereum market, I noticed an interesting phenomenon: the market seemed to be reacting prematurely to the anticipated launch of an Ethereum Exchange-Traded Fund (ETF). It appeared that some investors, eager to capitalize on the expected price increase, had purchased Ether in advance based on the rumors alone. However, with the actual launch yet to take place, these investors now seem to be selling off their positions, putting downward pressure on Ethereum’s price.
Ethereum has breached significant support levels and is currently trading beneath $2,900 – a 30% decrease from its peak in March. In my opinion, a decline towards $1,500 is imminent. It seems that investors, enticed by the rumors of an Ether ETF, chose to sell their holdings before the confirmation.
— Peter Schiff (@PeterSchiff) July 5, 2024
At the time of writing, ETH was down 9.3% in the last 24 hours to $2,872.
With Ethereum teetering just under the $2,900 mark, renowned investor Schiff’s bearish perspective heightens apprehensions among crypto enthusiasts. His forecast of a potential drop to $1,500 signifies a substantial decrease and could potentially exacerbate existing market uneasiness.
Crypto market losses deepen
At the present moment, Schiff’s remarks surface amidst turbulence in the larger cryptocurrency sector. As per CoinGlass statistics, approximately $800 million worth of bullish wagers on cryptocurrencies were terminated over the past three days, representing one of the most significant such liquidations since April.
Bitcoin suffered its fourth consecutive day of declines, contributing to a broader cryptocurrency market downturn. This slide came against the backdrop of surging stock markets worldwide setting new records. Ethereum, in particular, took a hit with a double-digit percentage drop, recording a loss of 10%.
The United States’ Ethereum ETF approvals are imminent, yet the public response to these financial products could be divided if the cryptocurrency market downturn persists.
Later this Friday, investors will be looking forward to the release of U.S. employment figures for fresh clues regarding the Federal Reserve’s future monetary policy direction. Softening economic data in recent times has added weight to the argument for easier monetary policy from the Fed in the near term.
In the upcoming weeks, the market will keep a keen eye on Ethereum’s behavior and the possible consequences of any ETF-related news.
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2024-07-05 13:52