Ethereum (ETH) is facing downward pressure as the coin has lost 7% of its value in the last 24 hours despite bullish ecosystem trends. It continued to fall and couldn’t find support at the $1,900 level. This has sparked concern among investors wondering whether ETH can reverse the trend.
Ethereum’s sudden decline raises market concerns
Mike McGrone, senior Macross trategist at Bloomberg Intelligence, offers insight into Ethereum’s price trajectory. According to McGlone, broader financial markets must pay attention to Ethereum’s price trajectory.
He believes there is a relationship between ETH’s current performance and other risk assets. McGlone says that if Ethereum declines further, it would mean a weakness in the S&P 500 stock.
#ethereum vs. $2,000 may guide the way of risky assets. Will it be $1,000 next?
The full Bloomberg report is here: https://t.co/vsuw0mmdl2 {bi comd} #commartities #stockmarket #cryptos #macroeconomics @bbgintelligence pic.twitter.com/soxmwnyipc– Mike McGlone (@mikemcglone11) March 28, 2025
This suggests that other top altcoins could take part in the downtrend in the medium term if ETH continues their downward journey.
McGlone has expressed concern about Ethereum’s performance and wondered whether the coin is plunging to 2020 price levels.
“Is it $1,000 next?” he asked.
A post from the senior Macrostrategist suggests that ETH could be significantly reduced as ETH fights to retest $2,000. He said that Ethereum’s failure to hold above this important psychological level could discourage investors and lead to bearish prospects.
Ethereum market outlook
According to data from CoinmarketCap, Ethereum’s price had changed hands at $1,884 at the time of writing. However, despite price action, investors’ profits remained undiminished as trading volumes reached between 36.92% and $17.54 billion.
The long-term foundation of Ethereum can continue to be strong, allowing it to survive downward pressure and emerge even stronger. However, this is after market participants have continued profits after the death of them.
Additionally, Ethereum investors are taking caution to see if an increase in adoption could lead to price reversals, such as launching a bank-issued Stablecoin.
