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In The Crosshairs: Peter Schiff Switches Focus to Ethereum, Unveils Projected Price Plunge!
In The Crosshairs: Peter Schiff Shifts Attention to Ethereum, Reveals Expected Milestone!
Peter Schiff, a well-known critic of Bitcoin, has set his sights on Ethereum, suggesting a potential drop to $1,500.
By:
Elif Azra Güven
07.06.2024 – 09:04
Update:
Just now
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Champion of Gold, Peter Schiff, famous for his anti-Bitcoin stance, has pivoted towards Ethereum (ETH).
Anticipating the persistence of steep dips, Peter Schiff boldly forecasted a potential downfall of Ethereum to $1,500.
On his X platform, the renowned economist highlighted Ethereum’s breach of crucial support levels, with prices tumbling below $2,900, underscoring his belief in an ongoing decline.
Schiff emphasized the impact of selling pressure in this downturn, noting that investors, influenced by Ethereum ETF speculations, hastily sold off their holdings without awaiting final approval updates.
“Ethereum is breaching significant support levels, currently trading under $2,900, marking a 30% decline from its peak in March.
I foresee a descent to $1,500 on the horizon. It appears that investors who speculated on Ethereum ETF approvals are now liquidating positions prematurely, prior to substantiated news.”
Through this lens, Schiff hinted that speculators driving up prices on ETF approval prospects are now exiting their investments, contributing to Ethereum’s downward price trajectory.
The veracity of Peter Schiff’s bold Ethereum projection remains a point of interest for investors, especially with the imminent potential launch of an Ethereum ETF on July 15.
At present, Ethereum is maintaining a trading value of $2,985.
#Ethereum
is also breaching crucial support levels, now trading under $2,900, marking a 30% decrease from its peak in March. I anticipate a decline to $1,500. It appears that those engaging in
#Ether
ETF conjectures are preemptively offloading their assets before receiving concrete validation.
pic.twitter.com/XXEyX67BXK
— Peter Schiff (@PeterSchiff)
July 5, 2024
*This does not constitute investment guidance.
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