Ethereum Falls Below $2,000; Bloomberg Commodity Strategist Predicts ETH May Drop to $1,000

Ethereum Price Drops in the Last 24 Hours

In the past 24 hours, the price of Ethereum has dropped by 2.23%, failing to hold the support level of $1,800. At the time of writing, the trading price is approximately $1,798 (according to CoinMarketCap data). Despite the overall bullish trend of the ecosystem, this decline has raised concerns among investors about whether it can reverse the downward trend.

Investor Confidence at Risk

McGlone stated that if Ethereum fails to break through the critical psychological barrier of $2,000, it may further undermine investor confidence, triggering a more pessimistic market outlook. He even raised the question: “Will $1,000 be the next target?”

Ethereum as a Guiding Indicator

McGlone further emphasized that Ethereum could provide direction for risk assets. This means that the price trend of Ethereum not only reflects its own performance but is also closely related to the broader financial market. He believes there is a significant correlation between Ethereum and risk assets such as the S&P 500; if its price continues to decline, it may signal a downward trend for other stock markets and altcoins in the medium term.

Bitcoin’s Development and Market Regulation

In addition, McGlone reviewed Bitcoin’s development since its inception in 2009, arguing that it coexists with traditional safe-haven assets like gold and silver, giving rise to a thriving cryptocurrency ecosystem. However, he expressed concerns about the increasingly speculative nature of digital assets, noting that when these assets experience further growth, market regulators often intensify their intervention, making it difficult for the momentum to be sustained.

Importance of Monitoring Bitcoin and Economic Data

For investors, closely monitoring Bitcoin’s movements and U.S. economic data is crucial. The price trend by mid-2025 may serve as an important watershed for Ethereum and the entire cryptocurrency market.