Peter Schiff, a staunch advocate of gold and vocal critic of Bitcoin, has now turned his attention to Ethereum (ETH), making a bold prediction of a potential drop to $1,500 for the cryptocurrency.
In a recent statement on his X account, the well-known economist highlighted Ethereum’s breach of critical support levels, emphasizing its trading below $2,900. Schiff attributed this decline to investors who had speculated on an Ethereum ETF approval, only to sell off their positions prematurely, citing the absence of confirmed news.
“Ethereum is also breaking key support. It is trading below $2,900, down 30% from its March peak. I foresee a descent to $1,500 looming,” Schiff remarked, hinting at the exit of investors who had driven prices up on ETF anticipation.
Investors are now pondering whether Schiff’s Ethereum forecast will materialize, particularly with the imminent July 15 launch of a potential Ethereum ETF. As of the latest update, Ethereum is priced at $2,985.
Schiff’s shift towards Ethereum marks a departure from his longstanding criticism of Bitcoin, underscoring the evolving dynamics within the cryptocurrency market. His prediction adds to the ongoing speculation surrounding Ethereum’s future amidst regulatory developments and market fluctuations.
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