Peter Schiff Warns Of ‘A Black Monday’ For BitMine And Ethereum ETFs If ETH Loses Key Support

• Long-term critic Peter Schiff claimed on Saturday that Ethereum might plummet to $1,000 on Monday if it fails this weekend.
• Ethereum fell to a low of $1,713 on Sunday, its lowest level since July.
• A Stocktwits user said that when the market opens on Monday, the price could tank further down. 

BitMine Immersion Technologies (BMNR) and Ethereum (ETH) exchange-traded funds (ETFs) may experience a "Black Monday" if the token breaks a significant support level over the weekend, Peter Schiff said on Saturday.

Schiff made the call in a post on X, after an earlier warning on Ethereum. He said the token had already dropped more than 8% since that first post. He told the holders, "It's not too late to sell."

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The gold advocate identified approximately $1,600 as a critical support level. If Ethereum breaks below that level over the weekend, Schiff warned, it could crash to $1,000 on Monday. 

Ethereum Falls To Lowest Level Since July

Ethereum fell to a low of $1,713 on Sunday, its lowest level since July. The token was down about 19% over the past week. However, for now, the token still sits above Schiff's trigger point. Ethereum's lowest daily close this year was $1,566 on June 26, near the level he flagged.

On Stocktwits, Ethereum was one of the top trending tickers among cryptocurrencies at the time of writing. Ethereum’s price was trading at $1,830, down over 6% over the past 24 hours.  Retail sentiment around ETH remained in the ‘bearish’ zone, while chatter stayed at ‘high’ levels over the past day.

One user on Stocktwits said that when the market opens on Monday, the price could further dip. 

BitMine’s Paper Losses Keep Growing

BitMine is Ethereum's largest corporate holder, holding around 6.07 million ETH on November 8, according to its latest disclosure. The company valued those holdings at $2,234 per ETH at the time. 

At a price of $1,830, the company’s unrealized loss was about $2.5 billion, or about 18% below its cost. BitMine chairman Tom Lee struck a more optimistic tone on Saturday, saying that pressure on crypto prices would pass. Lee has also described Ethereum as "the future of finance."

Schiff's First Ethereum Warning

Schiff had previously warned that Bitcoin (BTC) was not the only crypto asset about to crash. In April 2025, he said it would not be long before Ethereum broke below $1,000. It didn't. The token rebounded instead and reached a record high of $4,954 on August 24, 2025.

On Stocktwits, Bitcoin was also one of the top trending tickers among cryptocurrencies at the time of writing. 

Bitcoin’s price was trading at $65,516, down over 2.48% over the past day. On Stocktwits, the retail sentiment around BTC remained in the ‘extremely bearish’ zone, as chatter around it stayed at ‘high’ levels over the past day.

Read more: Peter Brandt Says Bitcoin's All-Time High May Never Be Topped In His Lifetime If Bearish Chart Pattern Holds

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