Shiff’s Bearish Outlook And Community Reaction<\/h2>\n
Schiff’s prediction comes when Ethereum is trading below the previous crucial support of $3,000<\/a> mark, a sharp 30% fall from its peak above $4,500 in March.<\/p>\n This decline coincides with heightened speculation surrounding the potential launch of an Ethereum spot exchange-traded fund (ETF)<\/a>, which seems to have triggered a premature sell-off among investors instead of propelling the price.<\/p>\n Schiff’s commentary suggests that the market’s response to the ETF rumors has been to liquidate positions rather than hold, adding further downward pressure<\/a> on Ethereum’s price.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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 remarked<\/a> on the irony of Schiff’s timing, indicating that his bearish predictions could contradict market sentiment indicators.<\/p>\n thx for your inputs<\/p>\n you do realize you only become relevant on this side of twitter as a bottom signal lol<\/p>\n youre like those acoustic wif kids who had a stroke on stage the wif party as a top signal<\/p>\n \u2014 agent pretzel (@agent_pretzel) July 5, 2024<\/a><\/p><\/blockquote>\n Ethereum is experiencing a significant downturn<\/a>, trading at $2,975\u2014a 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.<\/p>\n According to 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.<\/p>\n While Peter Schiff’s outlook may seem too pessimistic amid these market conditions, another voice in the crypto analysis sphere, Inspo Crypto, offers a slightly more moderate view<\/a>.<\/p>\n 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.<\/p>\n 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.<\/p>\n $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 $ETH<\/a> instead retests the lower trend channel next at $3,170 unsuccessfully, it could\u2026 pic.twitter.com\/1msfKQBf2v<\/a><\/p>\n\n
Ethereum Faces Critical Juncture<\/h2>\n
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