On a morning when the charts turned red before the coffee even cooled, Ethereum (ETH) found itself in territory not seen since the end of 2023, dipping below $1,500.  The 16.3% drop over the past week puts the major altcoin behind the general crypto market’s decline of 9.5%.

Now trading nearly 70% below its 2021 peak of $4,878, the question has shifted from “how low” to “how much lower.”

In the middle of all that, Peter Schiff’s commentary did not exactly make everyone feel any better, as he thinks Ethereum will probably keep going down.

The crypto skeptic pointed out that ETH could not keep its support even back in June 2022, when it barely held above $1,000, and we will see that level again, with the structure beneath it looking fragile across both crypto and traditional benchmarks.

Looking at the big picture, if you are in search of stability, global markets did not offer much of it today.

Chinese stocks opened down 10%, the biggest one-day drop since 2008. Bitcoin is below $75,000. Nasdaq and S&P 500 futures slid more than they have in a long time, since Black Monday in 1987. Brent crude oil dropped under $64, and global markets erased $5 trillion in value in just 48 hours.

While Ethereum’s chart might look a bit concerning when viewed in dollars, Schiff pointed out that it is even worse when viewed in BTC and downright bleak when measured in gold.

Thus, Vitalik Buterin, the creator of Ethereum, may not be panicking as he looks at the same charts and hears the same predictions, but he is probably not feeling relaxed about it either.