Viewpoint: If the BTC price cannot restore stable growth, it may trigger further declines in leading altcoins like ETH

ChainCatcher message, Bloomberg Intelligence commodity strategist Mike McGlone posted on the X platform analyzing whether Ethereum might drop to the $1000 level like it did in 2020. He believes that the market should now focus on ETH price trends, 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 decline further.

At the same time, Mike McGlone believes that a return to the $2000 level for ETH could indicate the direction for risk assets. However, if Bitcoin fails to stabilize its price growth, it may exacerbate losses for altcoins, especially leading altcoins, which will continue to weaken, potentially causing ETH to fall back to the $1000 price level later this year.