ETH Tanks Another 5% as Ethereum Foundation Keeps Selling and Schiff Sounds the Alarm
Ethereum (ETH) plunged another 5% over the weekend as the Ethereum Foundation continued selling tokens, while economist Peter Schiff warned of further declines to $1,000.
The weekend brought significant losses for Ethereum, with the cryptocurrency falling by another 5% as the Ethereum Foundation continued its token selling spree. According to on-chain analytics from Onchain Lens, the Foundation disposed of 7,500 ETH tokens in just four days, valued at approximately $14.5 million.
The latest transaction involved 2,500 ETH (worth around $4.7 million) being swapped for 4.6 million USDS. These proceeds were transferred to a multisig Safe wallet, continuing a pattern of selling that has raised concerns among investors.
Schiff's Bearish Warning
Economist Peter Schiff, known for his critical stance on cryptocurrencies, has expanded his criticism to Ethereum. He outlined a highly bearish scenario for ETH, predicting a drop to $1,000 and potentially even lower.
Once it breaks the uptrend at around $1,600, the next support level is the 2022 low just below $1,000. If that breaks, there is no support left until that bottom blue line. Yikes!
Price Decline Accelerates
ETH's price has unraveled into a massive downward spiral, reaching multi-month lows. The cryptocurrency skyrocketed to $2,450 on November 4 after the US midterms but has since experienced a prolonged correction.
The rejection at $2,450 triggered a $200 drop within a day, followed by further declines that pushed ETH below $2,100 on November 9. The $2,000 psychological support finally gave in on Thursday, and the latest market-wide crash pushed ETH to just above $1,800, its lowest price in almost three months.
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