2024

Elon MemeLord

when

The crypto market is currently navigating through a turbulent phase, particularly for Ethereum, which has seen a significant downturn of nearly 15% in its value over the past week. 
Amid this negative price performance, Peter Schiff, a well-known economist and a skeptic of cryptocurrencies, has chosen to add salt to the wounds by <a href="https://x.com/PeterSchiff/status/1809102408506646703" target="_blank" rel="noopener nofollow">projecting</a> a stark prediction for ETH. According to Schiff, Ethereum could plummet to as low as $1,500, marking a substantial decline from its current levels. 
<h2 id="shiff-s-bearish-outlook-and-community-reaction">Shiff’s Bearish Outlook And Community Reaction</h2> 
Schiff’s prediction comes when Ethereum is trading below the previous <a href="https://www.newsbtc.com/analysis/eth/ethereum-dives-below-3k-2/" target="_blank" rel="noopener ">crucial support of $3,000</a> mark, a sharp 30% fall from its peak above $4,500 in March. 
This decline coincides with heightened speculation surrounding the potential launch of an Ethereum <a href="https://www.newsbtc.com/bitcoin-news/ethereum-set-to-eclipse-bitcoin-etfs-could-catapult-eth-to-new-heights-k33-research/" target="_blank" rel="noopener ">spot exchange-traded fund (ETF)</a>, which seems to have triggered a premature sell-off among investors instead of propelling the price. 
Schiff’s commentary suggests that the market’s response to the ETF rumors has been to liquidate positions rather than hold, adding further <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plummets-3150/" target="_blank" rel="noopener ">downward pressure</a> on Ethereum’s price. 
He expressed his view on Elon Musk’s social media platform, X, stating, “It looks like those buying the Ethereum ETF rumors couldn’t wait for the fact to sell,” indicating a market driven by speculation rather than sustained investment confidence. 
While Schiff’s bearish outlook has garnered attention, it has also sparked a mix of skepticism and agreement within the crypto community. Users have expressed varying opinions on social media platforms, with some questioning the technical basis of Schiff’s $1,500 target. 
Others humorously noted that Schiff’s pessimistic predictions often come at market bottoms, suggesting his views might inadvertently signal a buying opportunity. For instance, one user <a href="https://x.com/agent_pretzel/status/1809211960870719795" target="_blank" rel="noopener nofollow">remarked</a> on the irony of Schiff’s timing, indicating that his bearish predictions could contradict market sentiment indicators. 
<blockquote class="twitter-tweet"> 
 thx for your inputs 
 you do realize you only become relevant on this side of twitter as a bottom signal lol 
 youre like those acoustic wif kids who had a stroke on stage the wif party as a top signal 
 — agent pretzel (@agent_pretzel) <a href="https://twitter.com/agent_pretzel/status/1809211960870719795?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 5, 2024</a>
</blockquote> 
<h2 id="ethereum-faces-critical-juncture">Ethereum Faces Critical Juncture</h2> 
Ethereum is experiencing a <a href="https://www.newsbtc.com/news/ethereum/ethereum-faces-sharp-decline-as-eth-targets-3051-support-level/" target="_blank" rel="noopener ">significant downturn</a>, trading at $2,975—a 4.2% drop over the past day. This decline and Bitcoin’s similar trajectory have led to a 4.1% reduction in the global cryptocurrency market cap, erasing more than $200 billion in value. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/W9qVW3lf/" alt="Ethereum (ETH) price chart on TradingView" width="2770" height="1496"> 
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">Coinglass</a>, this downturn has triggered substantial losses for traders, with 207,020 liquidations in the past day, totaling $576.53 million. Ethereum-related liquidations account for $134.58 million, predominantly from long positions. 
While Peter Schiff’s outlook may seem too pessimistic amid these market conditions, another voice in the crypto analysis sphere, <a href="https://www.newsbtc.com/news/ethereum/analyst-predicts-ethereum-nosedive-cautions-investors-to-prepare-for-2700-target/" target="_blank" rel="noopener ">Inspo Crypto, offers a slightly more moderate view</a>. 
He notes that Ethereum’s price has fallen to early May levels and suggests that the next 8-hour trading window could be crucial in determining the market’s direction. 
If Ethereum can rise above these levels, it might potentially ease the bearish trend. However, failure to reach the $3,170 mark (which it already has) could lead to further declines, possibly down to $2,700, exacerbating losses across the altcoin market. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> has broken down below $3,170. The next 8 hours (1D candle) will show whether the bulls have given up or not. If the price retraces back above, we should consider this a deviation. But if <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> instead retests the lower trend channel next at $3,170 unsuccessfully, it could… <a href="https://t.co/1msfKQBf2v" target="_blank" rel="noopener nofollow">pic.twitter.com/1msfKQBf2v</a> 
 — InspoCrypto (@InspoCrypto) <a href="https://twitter.com/InspoCrypto/status/1808893558255989152?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 4, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

Doomsday for Ethereum? ‘A Crash Down To $1,500 Is Coming,’ Says Skeptic, Here’s Why

Table of Contents

NewsBTC

Autres articles publiés le 6 juil. 2024

VeChain (VET) Token Experiences Slight Recovery Amid Market Correction

Justin Sun Announces Gas-Free Stablecoin Transfers on TRON

Signs Point to Massive XRP Upsurge as Analyst Observes Various Bullish Factors

Have the Expected Whales in Bitcoin Returned? What's next? Price Exceeded $58,000!

VeChain (VET) at a Key Support Level, Is it the Beginning of an Uptrend?

Bitcoin’s Brutal Dip: Only 5 Mining Machines Still Profitable as Market Tumbles

Join our free newsletter for daily crypto updates!