Peter Schiff warned of an impending collapse of Ethereum's exchange rate to $1500

Ethereum exchange rate has overcome the key support barrier. Its price broke through $2900 and dropped by 30% from the March peak. I think a collapse of the coin's value to $1500 is imminent. It seems that people who bought ETH on rumors of the Ethereum-ETF release didn't wait for this event and started selling digital assets," Schiff wrote.

Peter published a graph of Ethereum's appreciation as a percentage of its July 2020 value at around $220. Based on the chart, Peter predicts the cryptocurrency's price will decline to the uptrend line that started in June 2022, which will be at the $1900 level at the end of July. As such, it's unclear why he wrote about the bears' $1500 target. Maybe he still thinks sellers will break the $1900 barrier, but for some reason he doesn't indicate that on the chart.

In the comments of this post, Peter was accused of bringing up cryptocurrencies when their rate is falling and always predicting disaster. Schiff refuted this claim and noted that he wrote about bitcoin during a bullish trend. However, he was immediately rebuked for his bad advice, recalling that his predictions for the coin's price decline turned out to be wrong.