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ETH Tanks Another 5% as Ethereum Foundation Keeps Selling and Schiff Sounds the Alarm

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Although weekends are typically calmer within the cryptocurrency community, this one is an evident exception to the rule, with BTC, ETH, XRP, and essentially all other altcoins posting fresh losses.

We will focus exclusively on the Ethereum developments in this article, as there’s another controversial move by the Ethereum Foundation.

EF Sells, Schiff Bearish Again

Reports started to emerge all the way at the end of the previous month that the Ethereum Foundation had accelerated its selling spree. More recent data from Onchain Lens, as well as other major on-chain analytics resources, indicated that the organization has not stopped. According to Onchain Lens, the EF has disposed of 7,500 tokens in the past four days alone, valued at around $14.5 million.

The latest transaction was for 2,500 ETH (worth around $4.7 million), which the organization swapped for 4.6 million USDS.

Meanwhile, popular crypto hater Peter Schiff has expanded his criticism and doomsday scenarios beyond bitcoin, and has targeted the largest altcoin. In his latest barrage on the matter, he outlined a highly bearish scenario for ETH, which 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!”

ETH Plunges Again

All of this comes as ETH’s price has unraveled into a massive downward spiral, taking it to multi-month lows. Recall that the asset skyrocketed to $2,450 just 10 days ago, on November 4, after the conclusion of the US midterms. The rejection at that level, though, started a prolonged correction that continues to print fresh local lows.

ETH first dumped by $200 within a day, before the bears pushed it to under $2,100 on November 9. The past business week saw new pullbacks, and the $2,000 psychological support finally gave in on Thursday. Since then, it has been one leg down after the other.

The latest took place during the Saturday market-wide crash and pushed ETH to just inches above $1,800. As with BTC, this became its lowest price tag in almost three months. The largest altcoin is now down by over 25% since November 4.

ETHUSD November 14. Source: TradingView
ETHUSD November 14. Source: TradingView

 

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