Peter Schiff Sees ETH Crashing to $1,000 if $1,600 Breaks, but Tom Lee Isn't Worried

Three Things to Know

• Peter Schiff warned of a Black Monday for BitMine and Ethereum ETFs if ETH loses a key floor this weekend.
• Daily momentum sits deep in oversold territory, yet sellers still control the trend.
• Saturday's low near $1,710 is the last mapped support before Schiff's line comes into view.

Peter Schiff, the gold advocate and longtime crypto critic, urged ETH holders on Saturday to sell. BitMine chairman Tom Lee pushed back.

The clash comes as ETH sits at its weakest level since July and the largest corporate holder carries heavy paper losses. Traders now want to know whether the weekend bounce marks real demand or a pause before another leg lower.

Schiff Warns of a Black Monday as BitMine Sits on a $2.5 Billion Paper Loss

Gold advocate Peter Schiff warned on X on Saturday that a "Black Monday" could hit BitMine (BMNR) and Ethereum ETFs. He said a weekend break of support near $1,600 could send ETH down to $1,000 by Monday. "It's not too late to sell," Schiff told holders. ETH has fallen more than 8% since his first warning.

BitMine has the most exposure among corporate holders. The company held about 6.07 million ETH as of Nov 8, bought at an average of $2,234 per coin. That leaves the stack with an unrealized loss near $2.5 billion. BMNR shares fell about 6.3% on the day.

Tom Lee, BitMine's chairman, said Saturday the pressure on crypto prices would pass. He called ETH "the future of finance."

Schiff's record on this coin is mixed. In April 2025 he said ETH would break below $1,000. Instead it set a record of $4,954 on Aug 24, 2025. Retail traders still lean bearish, and bitcoin slipped about 2.5% to near $65,500.

ETH Trades Far Beneath Both Key Averages After a 25% Monthly Slide

Ethereum (ETH) daily price with the nearest support (green) and resistance (red). Source: TradingView

ETH traded near $1,830 on Sunday, deep under the two moving averages that traders watch most. A moving average smooths out daily swings by tracking the mean closing price over a set number of days. The 50-day average sits near $2,280. The 200-day is close by, just above it.

Those two lines have almost merged overhead. That leaves a single thick ceiling well above the current price. Any recovery would have to climb a long way before it even tests that zone.

The losses have built up over weeks. ETH is down about 18% over seven days and roughly 25% over the past month. A slide that steady shows sellers have been in control for some time.

ETH rose about 4% over 24 hours after the weekend low, a move that looks like relief buying. Short sellers often lock in profits after a sharp drop, and bargain hunters step in. Neither group has changed the larger picture yet.

Rebounds inside a downtrend often fade before they reach the key averages. Buyers would need to string together several higher closes to show real demand. So far, the rebound has trimmed only a fraction of the month's damage.

Oversold, Yet Sellers Still Steer

RSI, a 0 to 100 gauge of momentum, stands near 26 on the daily chart. Anything under 30 counts as oversold. It means selling has run hard and fast, and markets in that state often snap back as sellers tire.

That helps explain the rebound. Still, an oversold reading can stay low for days and does not mark a bottom on its own.

Other gauges still favor the bears. The MACD, a tool that compares short and long price trends, remains below its signal line. That shows momentum is still pointing down. Trend strength readings also confirm a downtrend led by sellers.

Put together, ETH looks stretched to the downside and has yet to turn. Bounces in this setup tend to stall early unless buyers return with conviction.

$1,710 Stands Between ETH and Schiff's Line

The nearest support sits near $1,710. That level matches Saturday's low, the weakest print since July. It is also the last floor the daily chart maps.

A clean break would leave ETH in open air. Schiff's line would be the first marker below. Just under that sits the year's lowest daily close, about $1,566 on June 26. Buyers defended that zone once before, which makes it the next logical test.

ETH would have to give back its rebound and slice through Saturday's low before Schiff's call comes into play.

On the upside, resistance waits near $2,170. A close above it would be the first real sign of repair. Beyond that, the merged averages form the next ceiling. Bulls would need both levels to claim the trend has turned.

Two Paths Into the Week

Monday's open will show which side holds the initiative.

• Bullish: A close above resistance would open a path toward the merged averages overhead. That would ease the pressure on BitMine and push Schiff's warning off the table. The setup fails if ETH slips back under Saturday's low.
• Bearish: A daily close below that weekend floor would leave little in the way of Schiff's line, with the June low close behind it. A reclaim of resistance would cancel this view.

Tom Lee Needs the Floor to Hold

Lee's case and Schiff's warning both run through the same weekend floor. That makes the chart's support more important than either man's forecast.

The risk is a break while BitMine's paper losses grow. Pressure on the largest corporate holder could feed fresh selling and speed the slide.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.