According to Bloomberg Intelligence senior commodity strategist Mike McGlone, Ethereum (ETH) continues to be closely related to risk assets, and if U.S. stocks continue to decline, its price trajectory may move further downward.
McGlone indicated that ETH could decline to the $1,000 level in the later part of this year if general market conditions worsen. However, while the ongoing weakness in Bitcoin (BTC) could exacerbate losses in the altcoin market, the risk of a recovery towards $2,000 in ETH could signal renewed strength in risk assets.
McGlone recently made a statement evaluating the development of Bitcoin and its current challenges. He mentioned that, alongside traditional safe-haven assets like gold, silver, platinum, and palladium, Bitcoin, which emerged in 2009, has led to a broad cryptocurrency ecosystem since then. He suggested that these digital assets have become expensive and highly speculative.
McGlone stated, “When a highly rising and speculative asset needs to continue rising, market authorities have a history of making things difficult.”
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