According to ChainCatcher, Bloomberg Intelligence commodity strategist Mike McGlone analyzed on X platform whether Ethereum is likely to drop to the $1,000 level as it did in 2020. He believes the market should focus on ETH price trends, as there is a clear connection between ETH and other risk assets in the market. If stocks in the S&P 500 continue to weaken, ETH may further decline.
At the same time, Mike McGlone suggests that ETH returning to the $2,000 level could indicate the direction for risk assets. However, if Bitcoin fails to restore stable price growth, it may exacerbate losses for Altcoins, especially top Altcoins, which will continue to weaken and potentially cause ETH to fall back to $1,000 later this year.