Bloomberg Intelligence commodity strategist Mike McGlone wrote an article on X platform analyzing whether Ethereum is likely to follow the drop to $1000 level during 2020. He believes that the market should now pay attention to the price trend of ETH, as there is a clear connection between the price of ETH and other risk assets in the market. If stocks in the S&P 500 index continue to be weak, ETH may further decline.

At the same time, Mike McGlone believes that ETH returning to the $2000 level may indicate the direction for risk assets. However, if Bitcoin fails to recover stable price growth, it may exacerbate losses in altcoins, especially as top altcoins will continue to weaken, even leading to ETH falling back to $1000 price level later this year.