On the morning when the charts turned red before the coffee cooled, Ethereum (ETH) found itself in territory that has not been seen since the end of 2023, falling below $1,500. A 16.3% drop over the past week places major Altcoin behind a 9.5% drop in the general Crypto Market.
Currently, it is about 70% below the 2021 peak of $4,878, but the question has moved from “how low” to “how low.”
Among them, Peter Schiff’s commentary thought that Ethereum would probably continue to go down, so it wasn’t exactly what would make everyone feel good.
Cryptocrats pointed out that they could not maintain support in June 2022, when ETH barely held $1,000. That level makes the structure below appear vulnerable in both cryptography and traditional benchmarks.
Ether has fallen below $1,500 for the first time in over two years. So far, the daytime lows have just surpassed $1,400, down 20% overnight. I don’t think it’ll be long before it falls below $1,000.
– Peter Schiff (@peterschiff) April 7, 2025
Looking at the big picture, if you’re looking for stability, the global market today didn’t offer much of it.
China’s stocks fell 10%, the largest day decline since 2008. Bitcoin costs less than $75,000. The Nasdaq and S&P 500 futures have slipped for a long time since Black Monday, 1987. Brent crude fell below $64, with the global market extinguishing its $5 trillion worth in just 48 hours.
While the Ethereum charts may seem a bit worrying when viewed in dollars, Schiff noted that they get worse when viewed in BTC and are indeed dark when measured in gold.
So, Vitalik Buterin, creator of Ethereum, may not panic as he looks at the same chart and hears the same predictions, but perhaps he doesn’t feel relaxed about it either.
