<p>As the specter of a U.S. recession looms, ether (ETH), one of the main crypto assets on the market, is under considerable pressure. Peter Schiff, a renowned economist and financial commentator, shares grim analyses on the altcoin in a precarious economic context.</p> 
<h2 id="h-a-30-decline-predicted-for-the-crypto-asset">A 30% Decline Predicted for the Crypto Asset</h2> 
<p>Peter Schiff recently announced that ether could drop by 30% from its current level. This prediction is tied to significant outflows from Ether ETFs. Since their launch two weeks ago, these ETFs have <a href="https://www.cointribune.com/en/crypto-ethereum-etfs-drop-for-2-consecutive-days-whats-happening/" target="_blank" rel="noreferrer noopener">recorded significant outflows</a>, with a drop of more than 15%. According to Farside Investors, these funds recorded net outflows of $54.3 million last Friday.</p>
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<p>Grayscale’s ETH suffered outflows of $61.4 million, while Fidelity FETH recorded inflows of $6 million. The other spot Ether ETFs recorded no inflows on that day. Schiff pointed out that <a href="https://coingape.com/ethereum-going-to-2k-says-peter-schiff-altcoins-bleed-amid-us-recession-fears/" target="_blank" rel="noreferrer noopener">these poor performances are a worrying sign</a>, potentially causing the price of ETH to fall to $2000.</p> 
<p>The crypto asset’s drop below the $3000 mark, for the first time since early July, has already exacerbated market anxiety. Within one week, ETH’s price dropped by more than 8.5%, with analysts anticipating deeper declines.</p> 
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<h2 id="h-major-corrections-for-altcoins">Major Corrections for Altcoins</h2> 
<p>Meanwhile, the entire altcoin space is undergoing significant corrections, with value drops of 5 to 10% for the major cryptocurrencies. Despite strategic purchases by ALT whales during recent declines, trading volumes remain low.</p> 
<p>Kate Young Ju, an analyst at CryptoQuant, notes that while the formation of buy walls for altcoins is a positive sign, the trading volume needed for a robust altcoin season has not yet been reached. “It’s the perfect time to research and prepare to invest in promising altcoins ahead of the next bull run,” she advises.</p> 
<p>Schiff’s analysis, combined with the current volatile crypto market situation, suggests a period of caution for investors. With uncertain forecasts for ether and a <a href="https://www.cointribune.com/en/crypto-the-altcoin-season-may-be-about-to-start/" target="_blank" rel="noreferrer noopener">potentially delayed altcoin season</a>, investment strategies might require careful reevaluation.</p>

Crypto: Could Ether Drop to $2000?

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