Shiff’s Bearish Outlook And Community Reaction
Schiff’s prediction comes when Ethereum is trading below the previous crucial support of $3,000 mark, a sharp 30% fall from its peak above $4,500 in March.
This decline coincides with heightened speculation surrounding the potential launch of an Ethereum spot exchange-traded fund (ETF), which seems to have triggered a premature sell-off among investors instead of propelling the price.
Schiff’s commentary suggests that the market’s response to the ETF rumors has been to liquidate positions rather than hold, adding further downward pressure on Ethereum’s price.
He expressed his view on Elon Musk’s social media platform, X, stating, “It looks like those buying the Ethereum ETF rumors couldn’t wait for the fact to sell,” indicating a market driven by speculation rather than sustained investment confidence.thx for your inputs you do realize you only become relevant on this side of twitter as a bottom signal lol youre like those acoustic wif kids who had a stroke on stage the wif party as a top signal — agent pretzel (@agent_pretzel)
Ethereum Faces Critical Juncture
Ethereum is experiencing a significant downturn, trading at $2,975—a 4.2% drop over the past day. This decline and Bitcoin’s similar trajectory have led to a 4.1% reduction in the global cryptocurrency market cap, erasing more than $200 billion in value.
While Peter Schiff’s outlook may seem too pessimistic amid these market conditions, another voice in the crypto analysis sphere, Inspo Crypto, offers a slightly more moderate view.
He notes that Ethereum’s price has fallen to early May levels and suggests that the next 8-hour trading window could be crucial in determining the market’s direction. If Ethereum can rise above these levels, it might potentially ease the bearish trend. However, failure to reach the $3,170 mark (which it already has) could lead to further declines, possibly down to $2,700, exacerbating losses across the altcoin market.has broken down below $3,170. The next 8 hours (1D candle) will show whether the bulls have given up or not. If the price retraces back above, we should consider this a deviation. But if instead retests the lower trend channel next at $3,170 unsuccessfully, it could… — InspoCrypto (@InspoCrypto)Featured image created with DALL-E, Chart from TradingView