News, Price Analysis

Ethereum Price Crash: Peter Schiff Predicts ETH Price To Drop Below $1500

The cryptocurrency market is experiencing a significant downturn, which has wiped out nearly $800 million in bullish crypto bets over the past three days. Bitcoin and Ethereum, the two largest cryptocurrencies, have struggled to maintain investor confidence amidst this volatility.

As of the latest updates, Bitcoin is trading below $54,000, and Ethereum has fallen to $2,872, down 9.3% in the last 24 hours. This month is very crucial for Ethereum. There were reports that the Spot Ethereum ETFs would be launched in July 2024. 

Despite the good news, renowned analysts predict ETH will go below $1500. Here’s Why?

Schiff’s Bearish Forecast for Ethereum

Renowned economist and cryptocurrency skeptic Peter Schiff has made a bold prediction that Ethereum could crash to $1,500. Schiff’s forecast is based on several technical and market factors. 

He has observed that Ethereum is breaking through crucial support levels, and he links the current situation to his previous warnings about Bitcoin. Schiff argues that the anticipated Ethereum ETF launch has already been factored into the market, and investors who bought in on ETF rumors are now selling off their positions, adding to Ethereum’s downward pressure.

Impact of ETF Speculation

Schiff’s warning comes at a time when the market is under massive sell-off. He boldly claims that Ethereum ETF hype is overrated and it will meet a dead end. As Ethereum hovers around $2,900, Schiff’s prediction of a drop to $1,500 can create a FUD in the market. Investors are increasingly worried about the market’s future, especially as the broader crypto sell-off contrasts with recent global stock market highs.

Bear Market is Not Over Yet

The market at present is showcasing many red flags. With the broader crypto market facing significant losses and Ethereum underperforming, the upcoming U.S. ETF approvals for Ethereum could face mixed reactions. Investors are closely watching for U.S. jobs statistics and other economic indicators that might influence the Federal Reserve’s future monetary policies, which could further impact the crypto market.

Looking Ahead

However, so far Ethereum continues to hold above the crucial support zone, which is believed to be the last point of defense before the major crash begins. If Schiff’s prediction holds, it could lead to increased volatility and might call for a change in investment strategy. The ongoing developments with Ethereum ETFs and broader economic conditions will be critical factors to watch in the coming weeks.

Read Also: Will Ether ETFs Hit the Jackpot Like Bitcoin? Experts Weigh In

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