Euro Pacific Capital President Peter Schiff has predicted a significant drop in the price of Ethereum (ETH) to $1,500.
#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
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.
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.
As you can see #Bitcoin is at critical support. If it doesn’t hold, look below. It’s a long way down. pic.twitter.com/uP9I24dILI
— Peter Schiff (@PeterSchiff) July 4, 2024
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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