Bloomberg Senior Analyst McGlone Reveals His Latest Prediction for Ethereum (ETH): “Get Ready for This Level!”

Bitcoin and altcoins have suffered greatly from the downtrend that began in October and is still ongoing. Ethereum ($ETH) has also experienced significant losses, and these losses may deepen further.

Bloomberg senior analyst Mike McGlone stated that Ethereum could fall to as low as $2,000.

Ethereum is giving investors mixed signals as bearish macroeconomic signals clash with record-high on-chain data.

At this point, the seven-day simple moving average of active Ethereum addresses has risen to approximately 718,000. Despite the increase in activity on the $ETH network, Ethereum is struggling to break out of its established transaction range.

Given this mixed picture, Mike McGlone believes Ethereum is more likely to retest the $2,000 level than to break above $4,000.

The analyst noted that Ethereum has been stuck in the $2,000-$4,000 range, but recently momentum has shifted towards the lower end of this range.

“Ethereum appears to be moving towards the lower end of the $2,000-$4,000 range since 2023.”

“Especially when market volatility rises again, I think it’s more likely to stay below $2,000 than to rise above $4,000.”

McGlone had also warned about Ethereum’s trajectory last December. In a post from his X account, he stated that his general prediction for $ETH was bearish, saying, “Ethereum $2,000 or $4,000? My prediction is that the trend will be downward.”

*This is not investment advice.