Peter Schiff predicted that the Ethereum price would fall below $1,000, pointing out that it underperformed compared to gold and Bitcoin.
Peter Schiff, a Bitcoin critic, has made negative predictions about the price of Ethereum, predicting that the second-largest cryptocurrency will hit new lows. According to Schiff, Ethereum’s broader selloff will worsen over the next few days and may cause prices to drop below $1,000.
Ethereum Price to Drop Below $1,000- Peter Schiff.
Peter Schiff, a critic of Bitcoin, claims that Ethereum will face more difficult times as the market recovers from the weekend’s selloff. Schiff states in a post on X that the price of Ethereum will continue its sharp decline, eventually dropping below $1,000.
The Bitcoin critic is basing his forecast on the recent startling price declines that the biggest altcoin has experienced. After dropping 20% over the previous day, ETH is holding onto $1,500 following the most recent correction.
Before carefully making its way above the $1,500 threshold, the price of Ethereum fell to a daily low of $1,400. With technicals and fundamentals presenting a bleak picture, Peter Schiff believes it is only a matter of time until the price of Ethereum drops below $1,000.
For the first time in more than two years, Ethereum fell below $1,500, according to Schiff. The intraday low so far was just over $1,400, representing a 20% overnight decline. 3It won’t be long before it drops below $1,000.
Since it fell below the psychological level again, ETH is still stuck below $2,000; on-chain indicators don’t point to a recovery.
Comparisons with Bitcoin and Gold Reveal Ethereum’s Condition.
Optimists might disagree with Schiff’s forecast, but past trends suggest that the price of Ethereum will drop even further. According to Peter Schiff, Ethereum fell below $1,000 during the most recent market meltdown in mid-2022, and there isn’t much proof that the cryptocurrency will rise above the psychological level during the market decline.
He continues by saying that although the price of Ethereum is low in US dollars, the asset is performing worse on ETH/BTC charts. Massive selling pressure on the Ethereum price is confirmed by a steady downward trend on the ETH/BTC chart, with gold being the “worst-looking chart.”
In June 2022, it hardly held $1,000, according to Schiff. The chart is awful, and the price in Bitcoin is even worse than in US dollars. Naturally, the chart with the worst appearance is valued in gold.
Investors believe Ethereum’s price can rise to $4,000 despite the gloomy forecasts, but they will have to deal with market risk-on sentiment and whale selloffs.
The top cryptocurrency is also subject to Peter Schiff’s negative forecasts; the economist believes Bitcoin will reach $10,000. He continued by disputing claims that Bitcoin is digital gold, citing sharp drops in the face of macroeconomic difficulties.
