BlockBeats News, March 30th, Bloomberg Intelligence commodity strategist Mike McGlone published an article on the X platform analyzing whether Ethereum may mimic its drop to $1000 in 2020. He believes the market should now focus on the price trend of ETH because there is a clear correlation between the price of ETH and other risk assets in the market. If stocks in the S&P 500 index continue to weaken, ETH may further decline.
At the same time, Mike McGlone believes that ETH returning to the $2000 level may signal the direction for risk assets. However, if Bitcoin fails to regain stable price growth, it could exacerbate losses in altcoins, especially as top altcoins will continue to weaken, potentially causing ETH to fall back to $1000 later this year.
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