Ethereum Drops 5% Amid Foundation Sell-Off and Peter Schiff Criticism

Ethereum is facing a sharp 5% decline amid a continuous sell-off carried out by the Ethereum Foundation. Data from on-chain analysis platforms confirm that the organization has liquidated 7,500 tokens over the last four days. The total value of these transactions reached approximately 14.5 million dollars.

Recent operations included the exchange of 2,500 Ether units for about 4.6 million USDS through the CoWSwap protocol. The funds obtained were transferred to a multisig wallet. This behavior by the foundation occurs during a time of widespread instability in the crypto asset market.

Analyst Peter Schiff has intensified his criticism of the project and projected an even deeper bearish scenario. He points to the breakdown of technical support levels as a factor that could drive the price toward the 1,000 dollar mark. The investor highlights that the loss of the previous uptrend removes important support barriers for the asset.

Ethereum's price entered a downward spiral after reaching the 2,450 dollar level on November 4. The quote lost the psychological support of 2,000 dollars last Thursday. The asset recently reached its lowest level in nearly three months by trading just above 1,800 dollars.

Institutional selling pressure combined with deteriorating technical sentiment may increase volatility for Bitcoin and other correlated digital assets.