The post Will Ethereum Hit $1000 Again? Mike McGlone Analyzes Its Correlation with Market Trends appeared on BitcoinEthereumNews.com.

COINOTAG News reports that on March 30th, Bloomberg Intelligence’s commodity strategist Mike McGlone published an insightful analysis on the X platform, exploring the potential for Ethereum (ETH) to repeat its earlier plunge to the $1000 mark, as seen in 2020. McGlone highlights the significant correlation between ETH’s price movements and broader market trends, particularly in relation to other risk assets. Should the S&P 500 index experience ongoing decline, ETH’s price could face further downward pressure. Moreover, McGlone posits that a resurgence of ETH to the $2000 level could serve as an indicator for the trajectory of risk assets moving forward. However, he cautions that should Bitcoin fail to establish a robust recovery, it may intensify negative sentiment across altcoins. This scenario could potentially lead to significant losses, with prominent altcoins—including ETH—facing the risk of retreating to the $1000 level in the latter half of this year. Source: https://en.coinotag.com/breakingnews/will-ethereum-hit-1000-again-mike-mcglone-analyzes-its-correlation-with-market-trends/

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Filed under: News - @ March 30, 2025 7:26 am