Ethereum (ETH) Could Crash by Over 60% if One Critical Support Area Crumbles: Bloomberg Strategist Mike McGlone

Bloomberg Intelligence senior macro strategist Mike McGlone says that Ethereum’s (ETH) future price hinges on it maintaining a key support level. McGlone says that if Ethereum’s support level at $1,000 crumbles, the second-largest crypto asset could fall to a two-year low of around $500. “Representing more of the financial-markets revolution that’s happening in cryptos akin to the advent of futures and exchange-traded funds, Ethereum support around $1,000 may be the key pivot. Our graphic shows the enduring upward performance trajectory of the No. 2 crypto vs. Bitcoin and lack of support until about $500 if $1,000 is breached.” Source: Mike