Peter Schiff bold statement against Ethereum, shakes the broader crypto market

 Peter Schiff bold prediction about ETH Crypto crash:

Peter Schiff has made a bold prediction that Ethereum could crash to $1,500, this creates a market hype against Ethereum. As a result broader crypto market experiences a sell off.

 

Peter Schiff has made a bold prediction that Ethereum could crash to $1,500, this creates a market hype against Ethereum. As a result broader crypto market experiences a sell off.

Renowned economist and cryptocurrency skeptic Peter Schiff has made a bold prediction that Ethereum could crash to $1,500. Schiff's forecast is based on several technical and market factors. He has observed that Ethereum is breaking through crucial support levels, and he links the current situation to his previous warnings about Bitcoin.

Schiff argues that the anticipated Ethereum ETF launch has already been factored into the market. Investors who bought in on ETF rumors are now selling off their positions, adding to Ethereum's downward pressure. This sell-off is happening at a time of massive market declines, further exacerbating the situation.

Schiff's warning has generated significant concern in the market. He claims that the Ethereum ETF hype is overrated and will ultimately fail. With Ethereum hovering around $2,900, Schiff's prediction of a drop to $1,500 is causing fear, uncertainty, and doubt (FUD) among investors. As the broader crypto market experiences a sell-off, this contrasts sharply with recent global stock market highs, leaving investors worried about the future.

Ethereum technical analysis:

Ethereum is trading around $2,984 on Friday, down almost 5% in the last 24 hours. This drop has caused major sell-offs, with $134 million worth of positions being closed. Long positions (bets that the price would go up) saw $108.4 million in liquidations, while short positions (bets that the price would go down) had nearly $26 million.

ETH's price has fallen to the same low levels it reached in May, when many investors expected the SEC to reject a spot ETH ETF after investigating Ethereum 2.0. It broke below the important $2,852 support level but quickly bounced back a bit. This level is a key demand zone, meaning many investors are willing to buy at this price.

Since mid-February, ETH has struggled to stay below this support level for long. Data from IntoTheBlock shows that investors bought about 57.02 million ETH when the price was between $2,268 and $2,909.

Given these factors, ETH might not stay below the $2,852 support level for long as the weekend approaches. It is likely to trade sideways, between $2,852 and $3,367, similar to how it did from April 12 to May 19.