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Peter Schiff, known for his opposition to Bitcoin 
$84,164, predicts new declines for Ethereum’s price. Based on recent market trends and technical indicators, he expects Ethereum 
$1,608 to drop to the $1,000 level. Schiff emphasized the potential for a decline below key psychological resistance levels, following a sudden 20% price drop.
Ethereum Collapse Scenario
Schiff pointed out that Ethereum’s recent price movements support this trend. The technical outlook he follows indicates that the token has fallen below $1,500 for the first time in two years and could soon reach the $1,000 level. These predictions are reinforced by overall market volatility and macroeconomic uncertainties.
Recently, Ethereum experienced sharp and sudden declines, with the daily low recorded around $1,400. This price correction signals that the selling pressure in the market is likely to continue. Consequently, both technical and fundamental analyses have raised questions among investors.
Peter Schiff: “Ether has fallen below $1,500 for the first time in two years. The current intraday low is around $1,400, with a 20% drop. We could see $1,000 soon.”
Technical Analysis and Comparisons
Comparisons indicate that Ethereum has performed weaker against both Bitcoin and gold. The declining ETH/BTC charts suggest that selling pressure in the market is intensifying. Historical market movements suggest that Ethereum could drop below $1,000 during similar periods.
Peter Schiff: “In June 2022, it managed to hold around $1,000. The chart is much worse in Bitcoin pricing and even against gold.”
Despite the current decline, some investors believe Ethereum can recover and reach certain levels; however, the global trade crisis presents challenges previously unseen in cryptocurrencies. For many, this could be a once-in-a-lifetime experience, leading to surprising outcomes in the crypto market.
Schiff’s comments reflect similar pessimism about Bitcoin. He often expresses a negative stance towards all cryptocurrencies, branded as a “gold bug” for his traditional investment interests. As a trader with decades of experience, he frequently makes such predictions.
The statements suggest that investors need to be cautious while monitoring the market. It is emphasized that forecasts may occur under uncertain market conditions and that technical indicators are constantly changing.
