Peter Schiff: The cost of ether will drop to $1,500

The president of Euro Pacific Capital believes that the ether rate will decrease to $1,500. The second largest cryptocurrency by capitalization has broken through key support levels, and the market should prepare for the worst, says a supporter of investing in gold.  

Peter Schiff drew investors' attention to the fact that the cost of ether fell below $3,000, trading 30% less than the maximum in March 2024:

"I think there will be a drop to $1,500. It seems that those who bought on the rumors about ETH-ETF could not wait for the fact of the start of trading."

The entrepreneur drew attention to the fact that bitcoin could not maintain the support level of $ 60,000, and predicted a prolonged drop in the value of the first cryptocurrency.

There is not a single positive factor on the market that can keep the leading cryptocurrencies from declining quotations, and there are simply no reasons for optimism yet. Peter Schiff believes that the fall in the ether exchange rate was provoked, among other things, by unfulfilled expectations about the start of ETH-ETF trading in early July.

Earlier, Peter Schiff suggested that bitcoin could be worth millions of dollars if public American companies invest their capital in it.