The Ethereum Foundation has continued its selling spree, disposing of 7,500 ETH tokens in just four days, valued at approximately $14.5 million. The latest transaction involved 2,500 ETH, worth around $4.7 million, which was swapped for 4.6 million USDS. This move has raised eyebrows within the cryptocurrency community, especially as it coincides with a significant price decline for ETH.
Meanwhile, Peter Schiff, a well-known critic of cryptocurrencies, has expanded his bearish outlook to include Ethereum. He predicts that ETH could drop to $1,000 or even lower, citing the breakdown of the uptrend at around $1,600. Schiff's warning adds to the growing concerns about the asset's future performance.
ETH's price has been in a downward spiral, reaching multi-month lows. Just ten days ago, on November 4, ETH peaked at $2,450 following the US midterms. However, the rejection at that level triggered a prolonged correction, with the price now hovering just above $1,800. This represents a more than 25% decline since the November 4 high.
The latest crash on Saturday pushed ETH to its lowest price in almost three months, underscoring the severity of the current market downturn. The $2,000 psychological support level gave way on Thursday, and the asset has continued to decline since then.