2024

Elon

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

Daftar Isi

NewsBTC

Artikel lain yang dipublikasikan pada 6 Jul 2024

Daddy Tate Price Prediction: DADDY Pumps 7% After Andrew Tate Announces Airdrop, And This P2E Mem...

German MP Joana Cotar Urges Halt to Bitcoin Sell-Off

Tornado Cash Co-Founder Requests Trial Delay For Fair Battle

Multicoin Capital Donates 1M to back Conservative Solana Champions

Hyperlane Announces an Exclusive Partnership with BOB

Bitfinex to refund investors of its failed El Salvador Hilton hotel project

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!