Peter Schiff, CEO of Euro Pacific Capital and head of SchiffGold mutual fund, shared an Ethereum chart and predicted that ETH will return to May 2021 lows. He pointed out that the chart shows a combination of two super bearish patterns that could push the altcoin price down significantly from its current level.
Peter Schiff expects $1,000 in ETH due to the super bear pattern
Peter Schiff compared the Ethereum chart to a previously published chart for Bitcoin, calling it an “unfortunate combination” for the leading cryptocurrency. ” he stated. Similarly, it points to something similar here. A double top formation appears in combination with a head and shoulders top appearing in the first. Thus, Schiff tweeted that the chart shows that Ethereum is likely to continue falling and could reach the “lower yellow line” which is the minimal bearish sign at $1,000. The last time Ethereum was traded at this price level was a year ago, in early May.
Ethereum (ETH) at the time of writing, It is trading at $1,767.81, 86% below its peak of $4,891 on November 16.
Peter Schiff expects Bitcoin and altcoin market to crash
As quoted by Kriptokoin.com, Peter Schiff posted on Twitter on May 16 that he saw the above-mentioned “sinister” combination of extreme bearish trend in the Bitcoin chart. and stated that BTC has a “long road” ahead. He expected Bitcoin to drop to the $8,000 level. However, he later shared his surprise on Twitter that Bitcoin is “holding up so well.”
Lead altcoin hit harder than ever in the midst of its last capitulation
Peter Schiff expects a drop in Ethereum, while ETH price continues its downward momentum after its last drop today. The cryptocurrency market is also in a frenzy right now, with $520 million liquidated yesterday. Worrying signs are the bearish trend developing on the RSI side. The index value here stands at a low of 29.4, which effectively puts Ethereum in the “oversold” category. Therefore, investors have to protect their portfolios more while going through difficult volatility periods.
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