Ethereum Drops 10% to $1,437.84 Amid Bearish Sentiment

Ethereum’s price has recently exhibited significant volatility, with a notable decline to $1,437.84 in response to broader economic pressures. Despite a modest recovery above $1,570, the cryptocurrency continues to face bearish sentiment, with critical resistance at $1,900 needed to alter its current trajectory.

Peter Schiff, a well-known Bitcoin skeptic, has issued a warning that Ethereum could plummet below $1,000. Schiff’s bearish outlook is grounded in Ethereum’s previous drop below $1,000 during the 2022 market crash and its current weakness against both the U.S. dollar and Bitcoin. He argues that the ETH/BTC chart indicates a persistent downtrend, reflecting increasing sell-side pressure and positioning Ethereum as one of the weakest assets in the market, even when compared to gold.

Schiff’s comments have sparked a mixed reaction within the crypto community. Some users on social media platforms have dismissed his predictions, emphasizing the importance of Ethereum’s underlying technology and ecosystem growth despite short-term price fluctuations. Mert Mumtaz, CEO of Hellius, echoed similar sentiments, noting that predicting further price declines is a contrarian opinion in the current market environment.

However, past market behavior seems to support Schiff’s caution. A detailed analysis of Ethereum’s price structure reveals a precarious outlook for the leading altcoin. To escape its bearish trajectory, Ethereum must regain control of the $1,850–$1,900 range, supported by strong trading volume. Without this recovery, downside pressure could intensify, potentially leading to a deeper pullback toward $1,650 if Ethereum slips below the $1,750 level. This marks a critical zone to watch for further price deterioration.

This ongoing bearish sentiment and critical price levels highlight the challenges facing Ethereum. Investors should remain vigilant and monitor developments closely, as a clear trend may emerge to guide future investment strategies. The market’s reaction to broader economic pressures and Schiff’s warnings underscore the need for cautious optimism as Ethereum navigates its current bearish path.