Peter Schiff, President of Euro Pacific Capital, has forecast a significant drop in the price of Ethereum (ETH) to $1500.
#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 downturn, the entrepreneur noted that the second-largest cryptocurrency by market capitalization fell below $2900, trading 30% lower than its March peak and breaching key support levels.
“I think a drop to $1500 will happen. It seems those who bought on ETH-ETF rumors couldn’t wait for the actual trading to begin,” Schiff stated.
After the morning dip on July 5, the market somewhat recovered. Ethereum’s price rose above $2900. However, the asset lost about 5% of its value over the day, while Bitcoin fell by 2.7% (CoinGecko).
Earlier, Schiff pointed out that the leading cryptocurrency also failed to hold at 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 out below. It’s a long way down. pic.twitter.com/uP9I24dILI
— Peter Schiff (@PeterSchiff) July 4, 2024
Analysts at 10x Research also concluded that shifts in market sentiment could push the price down to $50,000.
The community’s expectations for the start of trading in spot Ethereum-ETFs in early July were indeed unmet. The U.S. Securities and Exchange Commission (SEC) returned the S-1 forms to potential issuers for amendments based on comments. Companies promptly began resubmitting revised applications to the regulator, but according to media reports, this is not the final round of document exchanges.
SEC Chairman Gary Gensler has predicted that the registration of exchange-traded products could occur “sometime by the end of this summer.”