Ethereum (ETH) remains highly correlated with risk assets, and its price could see further declines if U.S. stocks continue to slide, according to senior commodity strategist at Bloomberg Intelligence.
McGlone predicts that if overall market conditions worsen, ETH could drop to the $1,000 level later this year. However, he also noted that a rally toward $2,000 could indicate renewed strength in risk assets, especially if Bitcoin (BTC) shows signs of recovery.
In his recent assessment, McGlone highlighted the evolution of Bitcoin, noting that the cryptocurrency, which emerged in 2009 alongside traditional safe haven assets like gold and silver, has since led to a burgeoning crypto ecosystem.
However, he expressed concerns over the rising speculative nature of these digital assets, suggesting that when such assets require continual growth, market authorities often make it difficult for them to maintain momentum.
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Source: https://coindoo.com/why-ethereum-could-drop-to-1000-according-to-mike-mcglone-from-bloomberg/