In a recent post on X, Peter Schiff claimed that Ethereum is in a bearish phase compared to Bitcoin and suggested that it only experienced a brief bearish rally. He emphasized that Ether is trading near the upper limit of its range, implying limited upside potential.
According to Schiff, this is an opportune time to exit positions in Ether. He argued that Bitcoin is a better investment option than ETH under current conditions.
When asked about the reasons for his opinion, Peter Schiff responded in a separate post on X that his opinion is based on chart patterns, not personal biases. He pointed out that while he maintains his skepticism regarding both assets, Ethereum has faced greater competition in terms of its narrative and use case.
This, in his opinion, weakens its long-term position against Bitcoin. Peter Schiff's comments come at a time when Ethereum has experienced strong price performance. The price of Ethereum exceeded $3,700, its highest level since January.
The rally was driven by record inflows into spot Ethereum ETFs and growing institutional interest. ETH rose about 25% during the previous week and nearly 7% over the last year.
Peter Schiff's anti-Ethereum statement provoked a strong reaction from the crypto community. SharpLink Gaming mocked his opinion and even edited the original post to promote Ether staking instead of selling.
SharpLink's response is based on its own treasury strategy. By promoting Ethereum staking, SharpLink demonstrates its confidence in Ether as a long-term productive asset rather than one that can be traded.
SharpLink holds over one billion dollars in ETH in its corporate reserves. The company has publicly revealed that a portion of its assets is staked on the Ethereum network to generate yield while also ensuring the security of the network.
Meanwhile, analyst Benjamin Cowen shared a chart of ETH/BTC in his post on X and accused Peter Schiff of being late to the party. According to Cowen, Schiff only issued the bearish forecast after the ETH/BTC pair had already bottomed.
