Ethereum’s Doomed Future: Peter Schiff’s Warning To Hold Your Horses

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Ah, Peter Schiff. The man who couldn’t find a kind word for Bitcoin if it were buried in a pile of gold. And now, in his latest prediction, he’s turned his gaze to Ethereum, advising us all to brace for impact as the second-largest cryptocurrency plummets faster than a cat on a hot tin roof.

The Ethereum Price: A Rollercoaster That’s About to Derail

Well, well, well. The crypto world is currently in the middle of a bloodbath, and Peter Schiff, that delightful prophet of doom, is out with his latest forecast for Ethereum. According to him, Ethereum’s future is looking darker than a storm cloud over a field of blackberries. Schiff predicts that Ethereum, after enduring a rough weekend, is headed for the $1,000 mark, or rather, well below it. A little under $1,000, to be precise. His reasoning? The entire market is taking a nosedive, and Ethereum’s just along for the ride.

In his post on X (which, by the way, I still refuse to call Twitter), Schiff pointed out that Ethereum had taken a 20% tumble recently, and despite crawling back to a modest $1,500, the writing’s on the wall. Or, more accurately, the price chart.

“Ethereum crashed below $1,500 for the first time in over two years,” said Schiff, adding with the kind of enthusiasm usually reserved for Monday mornings, “I don’t think it will be long before it breaks below $1,000.” Oh, joy. I can hardly wait.

Ethereum, once basking in the glow of $2,000, now languishes below that psychological barrier, stuck like a passenger at the end of a never-ending train journey. No on-chain indicators, Schiff notes, suggest any glorious recovery on the horizon. So much for that.

Bitcoin, Gold, and Ethereum: A Tale of Woe

Now, while the perky optimists out there might scoff at Schiff’s gloomy forecasts, the man has a point—or at least a pattern. Take, for example, the last market crash of mid-2022. Back then, Ethereum dipped below $1,000, and it’s no surprise to Schiff that history might repeat itself. In his own words, “There’s little to no evidence suggesting that Ethereum will break above $1,000 anytime soon.”

As if that weren’t enough to dampen spirits, Schiff goes on to compare Ethereum’s performance to Bitcoin’s and gold’s. And let’s just say that Ethereum fares about as well as a chocolate teapot when it comes to holding its own. According to the great man, Ethereum’s performance against Bitcoin looks like a downward spiral, and if you really want to see some misery, check it against gold. Ouch. That’s like comparing a puddle of water to the Grand Canyon.

“It barely held $1,000 in June 2022,” said Schiff. “The chart is horrible, even worse priced in Bitcoin than dollars. Of course, its worst-looking chart is priced in gold.” Well, that’s a lovely thought, isn’t it?

Despite all of this doom and gloom, some investors still cling to the hope that Ethereum could somehow rally to as high as $4,000. But let’s face it, that’s about as likely as a monkey winning the Grand National. Whale selloffs and general market sentiment are likely to keep it on a leash for a while.

And, in true Peter Schiff fashion, the man didn’t stop there. He’s also predicting that Bitcoin will eventually tumble to $10,000. Because, apparently, the entire cryptocurrency market just can’t catch a break. The digital gold narrative? Yeah, he’s not buying it. I mean, who could blame him when everything seems to be headed south?

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2025-04-07 19:38