Golden Finance reports that Bloomberg Intelligence commodity strategist Mike McGlone posted on the X platform analyzing whether Ethereum might mimic the fall to the $1,000 level seen in 2020. He believes that the market should now follow the ETH price movement, as there is a clear correlation between the price of ETH and other risk assets in the market. If stocks in the S&P 500 continue to be weak, ETH may fall further.

At the same time, Mike McGlone believes that ETH returning to the $2000 level could point the way for risk assets. However, if Bitcoin fails to restore stable price growth, it may exacerbate altcoins falling into losses, especially leading altcoins continuing to weaken, even triggering ETH to fall back to the $1000 price level later this year.