Peter Schiff warns Ether could fall to $1,000 if $1,600 support breaks
Peter Schiff, chief economist and global strategist at Euro Pacific Capital, warned that Ether could fall to $1,000 by Monday if it breaks below $1,600 over the weekend, following steep losses across cryptocurrency markets.“Remember this warning from twelve hours ago? Ethereum is already over 8% lower. It's not too late to sell,” Schiff wrote on X.“If Ether breaks $1,600 this weekend, it could crash to $1,000 on Monday. That really would be a Black Monday for Ethereum ETFs and $BMNR.”BMNR is the ticker for Bitmine Immersion Technologies, a company focused on building an Ether treasury.The warning followed a Nov. 14 post in which Schiff outlined a bearish interpretation of Ethereum’s chart.“It's not just Bitcoin that's about to crash. Check out Ethereum. That chart looks even more ominous,” he wrote. “Once it breaks the uptrend at around $1,600, the next support level is the 2022 low just below $1,000.”Ether fell 8.27% on Saturday to $1,769.82 after losing 4.47% on Friday. Investing.com’s Sunday snapshot showed a partial recovery to $1,807.60, with an intraday low of $1,713.57, still above Schiff’s $1,600 threshold.Bitcoin fell 6.06% on Saturday to $64,145.30 after dropping 4.4% on Friday. Its Sunday snapshot showed a 1.23% recovery to $64,932.50. Both cryptocurrencies remained below their Nov. 9 levels of $2,135.12 for Ether and $75,330.60 for Bitcoin.Schiff also highlighted the constraints facing Bitcoin ETF investors during a weekend selloff.“The people who self-custody Bitcoin are lucky. They can sell anytime they want to. They don't have to slowly watch the value of their Bitcoin melt away. They can sell now. But owners of Bitcoin ETFs have to watch helplessly until Monday morning to sell and salvage what's left,” he wrote.Bitcoin trades around the clock, allowing direct holders to seek buyers over the weekend. ETF shareholders face trading schedules that can leave them unable to sell while the underlying cryptocurrency falls.Schiff’s Monday-morning claim has exceptions: some brokers offer overnight trading in eligible ETFs beginning Sunday evening, depending on the security. Still, ETF investors can face gaps in trading access while Bitcoin’s price continues to move.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.