Peter Schiff, a gold price supporter and a prominent cryptocurrency pessimist, has recently drawn market attention by publicly advising to sell Ethereum (ETH) and buy Bitcoin (BTC). As Ethereum's price reaches around $3,800, Schiff suggested strategic selling, stating that Ethereum's rebound seems close to its peak. He said, "Ethereum has entered the selling zone" and "It's better to reallocate assets to Bitcoin".
Although Schiff has maintained a critical stance on cryptocurrencies overall, he clearly indicated that Bitcoin is a better short-term investment compared to Ethereum. He emphasized that "Now is the time for Ethereum holders to sell" and analyzed that Ethereum's price has reached its upper limit based on technical analysis. He added, "Though I'm not happy about it, selling Ethereum and buying Bitcoin is a better trade".
This statement comes as Ethereum's price has surged due to institutional demand and expectations of spot ETF launch. Recently, major companies like BitMine and SharpLink have begun large-scale Ethereum purchases, wallet storage, and staking, drawing market-wide attention to ETH. Additionally, three cryptocurrency regulatory bills passed by the US Congress have been cited as contributing to Ethereum's upward momentum.
However, despite these positive factors, Schiff pointed out that Ethereum has not outperformed Bitcoin in recent weeks, suggesting that this rebound may be difficult to sustain. He explained that while Ethereum has diverse use cases, it is being overshadowed by competing coins' narratives.
Market reactions to Schiff's advice are mixed. Some argue that the long-term outlook remains valid, highlighting the smart contract ecosystem and Ethereum's overall scalability. SharpLink Gaming directly responded, stating they plan to receive rewards through staking rather than selling Ethereum.
Cryptocurrency analyst Benjamin Cowen also criticized Schiff's timing, saying, "Giving this advice after the ETH/BTC price ratio has bottomed is a lagging judgment".
Meanwhile, on social media, people are mocking Schiff by referencing his previous incorrect Bitcoin predictions. At a time when investors are considering asset rotation, this statement might potentially serve as additional upward momentum for Ethereum.
Currently, whether Ethereum breaks through resistance or undergoes correction is expected to be a crucial turning point determining the altcoin market's future. Whether Peter Schiff's advice proves wise ultimately depends on the market's next move.
For real-time news...Go to TokenPost Telegram
<Copyright ⓒ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
