What Ethereum needs to rise over $ 2,000: Bloomberg analyst

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According to Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, Ethereum (ETH) seems to be trapped under the 2,000 dollar brand after a stock rally did not manage to press it over the price.

Here is what the analyst believes that Ethereum has to break through the 12-month level of resistance.

The greatest resistance of Ethereum

in a Twitter at am Thursday said McGlone that 2,000 US dollars look like a "resistance limit" because ETH did not manage to stick to it, even though the Nasdaq 100 stock index reached a 52-week high in the second quarter.

Historically, the correlation between cryptocurrencies and high-beta technology stocks was strong. This was particularly true in June 2022 when both asset classes collapsed under macroeconomic pressure and ETH lost its level of $ 2,000.

Divergent weakness and #ether The 2,000-dollar upper limit-
The inability of Ethereum, despite a 52-week high, to remain over $ 2,000 $ #NASDAQ The 100 shares in the second quarter could indicate a resistance limit for the cryptocurrency. The token can depend on the stock index to lift all boats. pic.twitter.com/q5dbso4fto

- Mike McGlone (@mikemcglone11) 8. June 2023

"The token can depend on the stock index to lift all boats," added McGlone.

Apart from their concrete correlation, investors Ethereum and old coins have often compared with tech value papers from an investor's point of view.

Bill Miller, for example-a famous investor who is known to have cut better for over a decade than the stock market-said last year that investors should consider old coins as "risk capital". Alternatively, he and others including Paul Tudor Jones have compared Bitcoin with "digital gold" as safe port, inflation protection and resistance to bankruptcy.

The correlation of Bitcoin with gold has resurrected in the last few months after both assets rose severely after numerous banking breaks in March has. In view of the influence of Bitcoin on the price of ETH and other assets, this could explain why a rally of the tech shares did not mean that ETH has increased in parallel.

regulatory pressure

Krypto also got under price pressure this week after two of the world's largest crypto exchanges-Binance and Coinbase-were charged with complaints by the US stock exchange supervision SEC (Securities and Exchange Commission).

Bitcoin and Ethereum fell by 1.5 % during the week, while other coins such as Solana (SOL) and Cardano (ADA) have fallen by 10 % and 12 %. The latter two coins were expressly referred to in the SEC as securities Coinbase-Lawlage which led to a similar price drop as XRP in 2020.

While Ethereum was not one of the crypto-assets that were classified as securities, the Sec did this is just the right one for them.

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