Peter Schiff, a well-known economist and vocal critic of cryptocurrencies, has issued a fresh warning about Ethereum’s future.
In a post on X, he pointed out that Ether (ETH) recently crashed below $1,500 for the first time in over two years, with an overnight drop of nearly 20%. At its lowest point, ETH touched just above $1,400.
According to Schiff, this decline could be just the beginning. “I don’t think it will be long before it breaks below $1,000,” he posted on X (formerly Twitter). His comment has sparked concern among crypto investors, especially those already rattled by recent market volatility.
Although ETH dipped below $1,600 earlier, it is currently trading around $1,569.09, still down 7.29% in the past 24 hours.
The market cap is now $189.34 billion, down 7.86% as investors stay cautious. But the most attention is the huge surge in trading volume, which has jumped by more than 476% in just 24 hours to $54.07 billion.
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