“Oinous” Pattern Combination for Ethereum Confirmed: Peter Schiff
Strict Crypto Opponent Peter Schiff Says Bearish Prediction For ETH He Shared Earlier Has Now Come True
In a recent tweet, prominent critic of Bitcoin, Ethereum and crypto in general, Peter Schiff, claimed that the bearish forecast for Ethereum he shared three weeks ago has now come true as ETH price falls.
“Keeping Ethereum at $1,200 Is Your Own Fault”
Schiff tweeted that he had warned about this turn of events for Ethereum less than three weeks ago. At the time, he wrote on his Twitter page that the Ether chart then combined a bearish Double Top pattern with a Head & Shoulders top.
Economist Schiff called it an “ominous combination” for the second-largest digital currency, expecting it to continue to fall in price. On the chart, he showed that, according to his expectations, Ethereum should fall towards the $1,000 level, which is indeed happening right now.
He added that for those who hold ETH near $1,200 at its current price and haven’t sold it before, it’s their own fault that they’re losing money.
At that point, ETH changed hands in the $1800 zone. Right now, Ethereum is at $1,170 and is trading 76.08% below its November all-time high of $4,891.
On May 16, Schiff shared a similar prediction about Bitcoin, saying that the same “ominous” combination of patterns was also visible on a BTC chart, and that Bitcoin still had a long way to go.
Earlier this week, when answering a question on Twitter about what BTC would hit sooner — $2,000 or $200,000 — Schiff stated that $2,000 is the only possible price Bitcoin can hit in the near future.
“Ethereum represents more pain”
Earlier, U.Today reported that several pundits, including Bloomberg analysts, have predicted “more pain” ahead of Ethereum.
Right now, ETH is down 30% so far, and 28% over the weekend alone.
Bloomberg experts believe the next support from Ether could be found in the $1,000 area or even lower near $913. They expect Ether to continue to decline.
Jim Bianco, head of Bianco Research LLC, and Caleb Franzen, a senior analyst at Cubic Analytics, also believe that Ethereum is headed for a greater demise than its current position.
However, SkyBridge Capital founder Anthony Scaramucci told CNBC yesterday that his wealth management fund had bought more Bitcoin and Ethereum on the dip, and he urged investors to stay disciplined to survive this bear market.