4 Times Knowing Analyst Made a Disastrous Claim for Ethereum!

Bloomberg’s senior macro strategist Mike McGlone came up with his negative prediction for Ethereum (ETH), the second largest cryptocurrency. McGlone emphasized that Ethereum’s price action depends on a valuable foothold. Here are the details…

Mike McGlone points to value level for Ethereum (ETH)

Popular analyst Mike McGlone says that if Ethereum loses the $1,000 foothold, things will go awry. According to McGlone, if ETH loses $ 1,000, the coin will regress to $ 500. This causes the coin to see its lowest level in the last two years. It points to a key pivot level of Ethereum’s reversal around $1,000. In the chart he shared, he talks about the value of the biggest altcoin not losing its permanent upward performance trajectory. It also uses the following terms:

Our chart shows the persistent upside performance trajectory of the #2 crypto against Bitcoin and the lack of foothold to around $500 if it breaks $1,000.

ETH is “more than just a market crash”

In addition, the analyst points out that Ethereum is a pioneer in developments that connect cryptocurrencies and classical finance, such as futures and exchange-traded funds (ETF). He even says that for Ethereum, it “represents more than just the financial market revolution that has occurred in cryptos.” On the other hand, according to McGlone, Ethereum’s transition from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) algorithm positively affected the price.

According to the expert, it was a good move for ETH to switch to the PoS consensus system in the midst of the power crisis. This gave a boost to ETH as the leading platform. At the time of writing, Ethereum is changing hands at $1,228, down 3.4 percent. So, there is $228 to lose the $1,000 level the analyst pointed to.

The analyst, who kept some predictions, also made a Bitcoin prediction

Returning to Bitcoin (BTC), McGlone says that the largest crypto asset needs to flip the $20,000 resistance level to support the bullish outcome. According to the analyst, $20,000 is the level at which he ultimately hopes Bitcoin to take a long upward trajectory. However, if BTC moves on the downside, it points to the levels of $10,000 to $12,000. Bitcoin is changing hands at $16,544.82 at the time of writing. It has lost 2.1 percent in the last 24 hours.

Koindeks.com As we have also reported, Mike McGlone is seen as a valuable analyst in the market. The analyst has come up with some correct assumptions in the past. McGlone had genuinely assumed that critical levels of $6,000, $12,000 and $50,000 would come in BTC in the past period.

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