Bitcoin critic Peter Schiff reveals grim predictions about Ethereum prices

Well-known Bitcoin commentator Peter Schiff made a pessimistic prediction about Ethereum prices, predicting it will fall below new lows.

Schiff believes that the selling pressure on Ethereum will continue to intensify in the near future, and the price may fall below $1,000.

Schiff's prediction is based on the recent plunge in Ethereum's prices. The ETH price has fallen below $1,500, and the intraday low is close to $1,400, a drop of 20%. Schiff believes that it is only a matter of time before the break below $1,000, and both technical and fundamentals support this view.

He noted that ETH prices are not only weak under USD, but also perform worse in comparison with Bitcoin and gold. The ETH/BTC chart shows a continued downward trend, while the comparison chart with gold is even more worrying. Schiff recalls Ethereum falling below $1,000 in mid-2022 and believes there is currently a lack of evidence that it can get rid of the market downturn.

Although some investors predict that Ethereum prices may reach $4,000, Schiff's pessimistic forecast still needs to consider factors such as whale sell-offs and market risk sentiment. Schiff's negative forecast also extends to Bitcoin, who predicts that the price of Bitcoin will fall below $10,000 and criticizes Bitcoin as "digital gold" as a saying that it is fragile under the macroeconomic headwind.

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