Peter Schiff: Ethereum will fall to $ 1500

Peter Schiff, President of Euro Pacific Capital, predicted a significant drop in the price of Ethereum ETH $2,442.36 Bridged Ether (StarkGate) 1.27% Market capitalization $0.19 billion VOL. 24 hours $0.25 billion to $ 1500.

Amid the market decline, Schiff noted that the second-largest cryptocurrency by capitalization fell below $ 2900, trading 30% below its March high and breaking through key support levels. «I think there will be a drop to $ 1500. It seems that those who bought on the rumors of the ETH-ETF could not wait for the fact that trading was actually starting,» Schiff said.

At the time of writing, on the morning of July 7, the leading altcoin is trading at $ 3,034 with a market capitalization of $ 364.7 billion. Traders made daily trading deals worth $ 11 billion. Ethereum’s market share is 17.2%, and the Fear and Greed Index shows a pessimistic 40 points. Despite this, the global market capitalization shows a daily recovery of 2.47% and amounts to $ 2.1 trillion.

The day before, Schiff drew attention to the fact that the first cryptocurrency also failed to hold on to a key support level. The well-known bitcoin critic predicted a «long way down» for the asset. Analysts at 10x Research also concluded that changes in market sentiment could lead to a drop in the digital gold rate to $ 50,000.

The community’s expectations for the launch of spot Ethereum-ETF trading in early July were not met. The U.S. Securities and Exchange Commission (SEC) returned the S-1 forms to potential issuers to make changes in accordance with the comments. The companies promptly began to send the regulator corrected applications, but, according to media reports, this is not the last round of document exchange. SEC Chairman Gary Gensler predicted that the registration of exchange-traded products will be completed «sometime before the end of this summer.»