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Peter Schiff: Ethereum Price Will Fall to $1500

Euro Pacific Capital President Peter Schiff has predicted a significant drop in the price of Ethereum (ETH) to $1,500.

Amid the market decline, the entrepreneur noted that the second-largest cryptocurrency by market capitalization had fallen below $2,900, trading 30% below its March high and breaking through key support levels.

“I think there will be a drop to $1500. It seems that those who bought on the rumors about the ETH-ETF were unable to wait for the fact [начала] trade,” Schiff said.

The day before, Schiff noted that the first cryptocurrency also failed to hold on to a key support level. The well-known Bitcoin critic predicted a “long way down” for the asset.

Analysts at 10x Research also concluded that changes in market sentiment could push the rate down to $50,000.

The community’s expectations regarding the start of trading of spot Ethereum ETFs in early July were indeed not met. The US Securities and Exchange Commission (SEC) returned potential issuers’ S-1 forms for amendments in accordance with the comments. Companies quickly began sending the regulator corrected applications, but, according to media reports, this is not the last round of document exchange.

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Source: Cryptocurrency

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