Peter Schiff, President of Euro Pacific Capital, predicted a significant drop in the price of Ethereum (ETH) to the $1,500 mark.
#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, 2024Against the background of the falling market, the entrepreneur noted that the second largest cryptocurrency by capitalization collapsed below $2,900, trading 30% below the March maximum and breaking through key support levels.
"I think there will be a drop to $1,500. It seems that those who bought on rumors about ETH-ETFs could not wait for the fact of [the start of] trading," Schiff said.
After the morning drawdown on July 5, the market recovered somewhat. Ethereum quotes have risen above $2,900. However, the asset lost about 5% of its value in a day, while bitcoin lost 2.7% (CoinGecko).
The day before, Schiff drew attention to the fact that the first cryptocurrency also did not hold on to the key support level. A 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, 2024Analysts at 10x Research also concluded that changes in market sentiment can push the exchange rate to $50,000.
The expectations of the community regarding the start of trading in spot Ethereum ETFs in early July, indeed, did not materialize. The U.S. Securities and Exchange Commission (SEC) has returned the S-1 forms to potential issuers for changes in accordance with the comments. The companies promptly began sending corrected applications to the regulator, but, according to media reports, this is not the last round of document exchange.
Recall that the head of the SEC, Gary Gensler, predicted the timing of registration of exchange-traded products "sometime by the end of this summer."