Peter Schiff, the CEO of Euro Pacific Capital and the chairman of the SchiffGold investment fund, released an Ethereum chart, projecting a big ETH drop to May 2021 lows.
He pointed out that the chart shows a combination of two very bearish patterns that might send the second most valuable coin far lower than it is now.
Ominous Combination For Ethereum
Peter Schiff contrasted the Ethereum chart to the one he had previously published for Bitcoin, claiming that the two displayed an “ominous combination” for the top cryptocurrency.
Similarly, he mentioned something similar here. A Double Top pattern appears with a Head and shoulder top that has appeared on the former.
As a result, according to Schiff, the chart indicates that Ethereum is likely to continue declining and may reach the “lower yellow line,” which is set at $1,000 and serves as a minimum decline mark. Ethereum last traded at this price point in early May of last year.
Ethereum is currently selling at $1,730 per coin, down 86% from its all-time high of $4,891 set on Nov. 16.
Peter Schiff Predicts Bitcoin To Tumble Down
On May 16, gold bug Schiff took to Twitter to announce that he had discovered the aforementioned “ominous” combination of extremely negative patterns on the Bitcoin chart and that BTC has “a long way down” ahead of it.
He predicted that Bitcoin would fall to $8,000 in the near future. Later, he expressed his surprise that Bitcoin was “holding up this well” on Twitter.
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