Ethereum’s price slide accelerated during a weekend market-wide selloff, with the largest altcoin falling to just above $1,800 — its lowest level in almost three months — as the Ethereum Foundation continued to sell tokens and Peter Schiff issued a bearish outlook.
According to Onchain Lens, the Ethereum Foundation disposed of 7,500 ETH over the past four days, valued at around $14.5 million. The latest transaction involved 2,500 ETH, worth about $4.7 million, swapped for 4.6 million USDS through CoWSwap. Onchain Lens said total sales over the four-day period amounted to 7,500 ETH for about 14.52 million USDS, with the latest proceeds transferred to a multisig Safe wallet.
Schiff warns of further downside
Schiff, a longtime crypto critic, expanded his criticism beyond bitcoin and outlined a highly bearish scenario for ETH that includes a drop to $1,000 and even further.
“Once it breaks the uptrend at around $1,600, the next support level is the 2022 low just below $1,000. If that breaks, there is no support left until that bottom blue line. Yikes!” Schiff said.
ETH extends correction
ETH had risen to $2,450 on November 4 after the conclusion of the US midterms, but rejection at that level began a prolonged correction. It first dropped by $200 within a day before bears pushed it below $2,100 on November 9. The $2,000 psychological support gave way on Thursday, and the latest leg down during the Saturday market-wide crash took ETH to just inches above $1,800.
The asset is now down by more than 25% since November 4, according to the report.
