Bloomberg analyst Mike McGlone stated that Ethereum’s price performance can guide altcoins.
McGlone stated that Ethereum can affect altcoins just like Bitcoin does.
Bloomberg Analyst Speaks About Ethereum
The analyst believes that Ethereum’s price performance can affect the value of altcoins.
McGlone believes that broad cryptocurrency market performance will largely depend on whether Ethereum can rise above the $2000 resistance level.
According to McGlone, the $1000 support level should be more permanent than the $2000 resistance level.
Ethereum’s performance is much better than Bitcoin as the Merge update approaches. Prior to the upgrade, the asset’s performance hit the highest level against Bitcoin this year.
The Bloomberg analyst thinks the largest altcoin will still face some hurdles, but thinks it is on its way to revolutionizing the financial industry.
McGlone stated that Bitcoin is currently trading with the steepest drop at its 100-week moving average. The analyst believes that Bitcoin is trading affordable in a “long bull market”. The asset fell below the $19,000 level during the day.
McGlone, in his statement last January, believes that Bitcoin and Ethereum are still in the early stages of adoption.
