Gold supporter Peter Schiff, known for his anti-Bitcoin statements, has now embraced Ethereum (ETH).
Predicting that the sharp declines will continue, Peter Schiff made a bold prediction that Ethereum could fall to $ 1,500.
In his post on his X account, the famous economist stated that Ethereum broke critical support levels and was traded below $ 2,900, and argued that the decline will continue.
Stating that sales will be effective in this decline, Schiff said that investors bought Ethereum ETF rumors and sold without waiting for the final approval news.
“Ethereum is also breaking key support. It is trading below $2,900, down 30% from its March high.
I think a drop to $1,500 is approaching. “It seems investors who bought Ethereum ETF rumors are selling before they can wait for confirmation news.”
At this point, Schiff implied that investors who had pushed the price higher based on ETF approval speculations are now exiting their positions, contributing to the downward pressure on Ethereum's price.
Whether Bitcoin enemy Peter Schiff's bold Ethereum prediction will come true has been a matter of curiosity for investors. Because July 15, the possible spot Ethereum ETF launch, is just around the corner.
Ethereum continues to trade at $2,985 at the time of writing.
#Ethereum is also breaking key support. It's trading below $2,900, down 30% from its March high. I think a crash down to $1,500 is coming. It looks like those buying the #Ether ETF rumors couldn't wait for the fact to sell. pic.twitter.com/XXEyX67BXK
— Peter Schiff (@PeterSchiff) July 5, 2024
*This is not investment advice.
