- Peter Schiff says Ethereum may be topping out and suggests rotating into Bitcoin.
- ETH’s rally is backed by ETFs, treasury buys, and new crypto legislation.
- Traders are watching resistance levels — next moves could steer the whole altcoin scene.
Ethereum’s been climbing. Fast. The second-biggest crypto by market cap is now hovering just below $3,800 — levels it hasn’t touched in months. But while some are celebrating, gold bug and longtime crypto critic Peter Schiff is waving a big ol’ red flag.
In a recent post on X, Schiff said ETH is “close to topping out” and maybe, just maybe, it’s time to cash in and rotate that capital into Bitcoin instead. Yeah, even though he doesn’t exactly like Bitcoin either. Go figure.
ETH Rally Gets Folks Talking
Ethereum’s rally has been fueled by some heavy institutional interest, plus all the buzz around spot ETH ETFs finally coming to life. Big names like BitMine and SharpLink have been loading up their treasuries with ETH, and a few have even started staking it to scoop up rewards on the side.
Add in the wave of pro-crypto legislation that dropped during “Crypto Week,” and ETH had every reason to pump. But not everyone’s buying the hype. Schiff, for one, thinks this recent run might be running outta gas.
He pointed out that Ethereum hasn’t exactly been beating Bitcoin on performance lately, and if it hits a resistance wall again, the smart move might be shifting back into BTC. Bold call, especially for a guy who’s trashed crypto for years.
Crypto Twitter Pushes Back
Of course, Schiff’s take got people riled up. A bunch of traders and analysts pushed back, saying Ethereum’s fundamentals still make it a solid long-term bet. Stuff like smart contracts, staking, and Layer 2 growth all give ETH serious upside.
Even SharpLink clapped back, saying nope — they’re holding and staking, not selling. Analyst Benjamin Cowen also chimed in, hinting that Schiff’s timing might’ve been a little off. According to him, the ETH/BTC ratio already hit bottom before Schiff made his post.
Oh, and some folks on X were quick to roast him — they haven’t forgotten that time he said similar stuff right before BTC ripped higher.
So, What Now?
For investors, it’s a bit of a toss-up. Ethereum still has momentum, but if price stalls out, Schiff’s BTC rotation idea might catch on. The next few days — or even hours — could tell us a lot.
If ETH keeps pushing past resistance, altcoins might get a second wind. But if it pulls back, well, don’t be surprised if traders start leaning into Bitcoin again. Either way, we’re at a pretty interesting crossroads for the market.
