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Ethereum dipped below $4,000 on Thursday, kicking off a technical bear market and causing Peter Schiff to sound the alarm once again. The move took ETH more than 20% off its August peak, where the token briefly touched $4,850 and marked the sharpest correction since early summer.
The sell-off got worse once ETH hit $4,150. A heavy session dragged the major altcoin down to the $3,930 zone, canceling out weeks of gains and putting a damper on corporate treasury purchases that had been promoted as a stabilizing force.
The latest breakdown means we are now looking at whether the second-biggest crypto can find a floor above the $3,800 support band, or if it is going to go even lower.
Peter Schiff strikes again
Schiff, who has always been cautious about crypto rallies, said that the Ethereum reversal was linked to Bitcoin. In his words, ETH's decline is a sign that the crypto market has turned bearish, and BTC is poised to be the next asset to dip.
For traders, the report is about more than just Schiff's criticism, though. It is also about the numbers on the chart. Ethereum is trading at the same levels it was at in early August, and it is clear that the momentum is broken right now . This means that the two biggest digital assets might have problems holding on until the end of 2025.
Ethereum's fall gave Schiff another headline. The big question now is whether Bitcoin will follow suit.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team