Rigorous crypto opponent Peter Schiff says the bearish prediction for ETH he shared earlier has now come true
In a recent tweet, prominent critic of Bitcoin, Ethereum and crypto in general, Peter Schiff, claimed that the bearish prediction for Ethereum he shared three weeks ago has come true now as the ETH price is falling down.
“Still holding Ethereum at $1,200, it’s your fault”
Schiff tweeted that he warned of this turn of events for Ethereum less than three weeks ago. At the time, he wrote on his Twitter page that the Ether chart then combined a bearish Double Top pattern which contained a Head & Shoulders top.
The economist Schiff called it an “ominous combination” for the second biggest digital currency, expecting it to keep declining in price. On the chart he showed that, according to his expectations, Ethereum should fall to the $1,000 level, which is indeed happening at the moment.
He added that for those who hold ETH at the current price near $1,200 and didn’t sell it sooner, it’s their fault that they lose money.
At that time, ETH was changing hands in the $1,800 zone. At the moment, Ethereum is sitting at $1,170, trading 76.08% below its November all-time high of $4,891.
On May 16, Schiff shared a similar forecast for Bitcoin, saying that the same “worrying” combination of patterns was also visible on a BTC chart, and that Bitcoin had a long way to go.
Earlier this week, when replying to a question on Twitter as to what BTC would reach sooner—$2,000 or $200,000—Schiff stated that $2,000 is the only possible price that Bitcoin can reach in the near future.
“Ethereum is ready for more pain”
Earlier, U.Today covered that several experts, including Bloomberg analysts, predicted “more pain” ahead of Ethereum.
At the moment, ETH is down 30% month-to-date, and it has lost 28% over the weekend alone.
Bloomberg experts believe that the next support can be found by Ether in the $1,000 area or even at $913. They expect Ether to continue to decline.
Jim Bianco, head of Bianco Research LLC, and Caleb Franzen, a senior analyst at Cubic Analytics, also believe that Ethereum is in for a bigger downfall from the current position.
However, SkyBridge Capital founder Anthony Scaramucci told CNBC yesterday that his wealth management fund has been buying more Bitcoin and falling Ethereum, and he urged investors to remain disciplined in order to survive this market. bearish.
