Warning from the gold maximalist: The drop will continue for Ether (ETH)!

Peter Schiff, known as a gold investor, claimed that the race is over and Ether (ETH) will drop to around $2,000 with a loss of nearly 30%.

Peter Schiff, known for his crypto-critical statements and frequent claims of Bitcoin's failure, targeted Ether (ETH) in his post on the X platform. Schiff claimed that spot Ethereum ETFs had failed. The renowned analyst noted that ETH ETFs, which have been trading for two weeks, experienced a 15% decline.

Schiff claimed that ETH fell to 3,000 dollars worth of gold and will continue to fall. The crypto critic noted that the drop in ETH to 2,000 dollars will not last long.

Schiff pointed out that gold has increased by 2% this week. Schiff drew attention to the declines in ETH and Bitcoin (BTC), and stated that the race is over and gold has won.

#EthereumETFs hasatlar yalnızca iki haftadır ticaret yapıyor ve zaten %15 düştü. Haftayı yeni dip seviyelerde kapattılar. #Ethereum şu anda 3.000 doların altında işlem görüyor. Yakında 2.000 doların altına inecek. #Altın bu hafta %2 yükseldi. #Bitcoin %10 düştü. Yarış bitti. Altın madalyayı kazanır.

— Peter Schiff (@PeterSchiff) August 3, 2024

Ether (ETH) failed, altcoins suffered losses

Bitcoin (BTC), experienced a bull run with the impact of spot Bitcoin ETFs. BTC, which reached an all-time high in March, excited institutional investors.

A similar scenario was thought to have occurred on the Ether (ETH) side. Spot Ethereum ETFs created selling pressure with net outflows since launch. The failed ETFs paved the way for ETH to fall below $3,500.

ETH, struggling to recover, fell below $3,000 due to tension from the Middle East. The leader of altcoins painted the crypto market red with this drop. Many altcoins lost more than 10% of their value.

Crypto-skeptic investor Peter Schiff has been mocking the recent declines. Schiff argued that gold is the safest and most valuable investment asset.

CryptoQuant analyst Kate Young Ju emphasized that the altcoin season has not arrived yet. The analyst claimed that due to the low trading volumes, altcoins have not matured enough.

This article does not contain investment advice or recommendation. Every investment and trading operation involves risks, and readers should conduct their own research when making decisions.