Ethereum Price Forecast by Economist Peter Schiff
03.08.2024 20:00 1 min. read Alexander Stefanov
The long-awaited launch of the spot Ethereum ETF in the U.S. has not led to a rise in the ETH price. In fact, the value of altcoin has fallen since ETFs were introduced.
Noting this trend, renowned economist and global strategist Peter Schiff pointed out that both Ethereum and Bitcoin have fallen significantly while gold has remained strong.
ETFs on Ethereum have had a tough start, attracting just $107 million in net inflows on launch day. That figure is significantly lower than the $655 million the Bitcoin ETFs attracted on their debut.
Meanwhile, Peter Schiff pointed out that in just two weeks, Ethereum ETFs are already down 15%, ending the week at new lows.
Because of this, the price of Etherium has fallen below $3,000, down 5% in the last 24 hours, trading at $2,990 at the time of writing.
Schiff thinks the price of Etherium could fall another 30% from its current levels. With continued significant outflows from ETH ETFs, he predicts that Etherium could fall below $2,000 soon.
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