Anti-crypto Peter Schiff was right in his bearish expectations for the leading altcoin. Talking about a “sinister” pattern in Ethereum in the past weeks, the golden wolf said that his predictions have now come true as the price of ETH drops.
Peter Schiff’s altcoin predictions turned out to be correct,
The cryptocurrency market saw more than 15% drops on June 13. The fact that this collapse also affected Bitcoin and Ethereum also caused panic. Peter Schiff says he predicted this drop for Ethereum less than a week ago. At that time, a head and shoulders pattern was forming on the Ethereum chart. The leading altcoin also developed a bearish double top pattern before the last drop. Schiff shared the technical chart below on May 27.
Economist Schiff described this as an “anxious pattern” for the leading altcoin. It also predicted further declines. He also posted a chart that predicts Ethereum will fall to the currently happening $1,000 target.
“It’s your fault to keep Ethereum still at $1,200”
Meanwhile, Schiff warned investors who bought Ethereum at $1,200. He had said that if they didn’t sell before they crashed, it was his responsibility to lose money. At that time, ETH was trading at around $1,800. It is now trading at $1,225.13, down 76.08% from a record low of $4,891 in November.
In a similar prediction on May 16, Schiff said that the same “sinister” pattern is present on the BTC chart. Likewise, he predicted that Bitcoin would drop as well. In a tweet on Monday, he said that the only price Bitcoin could reach in the near future is $2,000, in response to a query about whether BTC will reach $2,000 or $200,000 first.
Ethereum will suffer more
Before Ethereum, a number of experts, including Bloomberg analysts, predict “more pain” . ETH is currently down 30% monthly and has melted 31% in just one week. According to Bloomberg analysts, ETH could find support in the $1,000 range or possibly around $913. As a result, analysts expect further declines in Ethereum.
Ethereum is down 30% month-to-date after having plunged as much in May, and price action suggests more pain may be in store through year-end https://t.co/nSBFAmxujB pic.twitter.com/EN8UeW1NiZ
— Bloomberg Crypto (@crypto) June 13, 2022
Caleb Franzen, analyst at Cubic Analytics and Bianco Research LLC’ s founder Jim Bianco expects decline. He agrees that Ethereum’s current state is just the beginning of a worse decline. SkyBridge Capital founder Anthony Scaramucci told CNBC yesterday that the asset management firm is buying more Bitcoin and Ethereum on the decline. He urged investors to be disciplined to survive this bear market.
Ethereum technical analysis
Crypto analyst “Bluntz” argues that the 200-week SMA support will act as a strong price floor in Ethereum. As quoted by Kriptokoin.com , the analyst says:
BTC has bottomed 4 times in 200-week mma dating back to 2014. It’s safe to assume it’s [probably] a pretty strong level. Of course we can fall under that, but [there are] six days a week as well.”
