"Investors must have fallen asleep, the price of ETH is hovering at the same level."
Cryptocurrency Ethereum (ETH) still stuck below the $2,000 level has led Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence to say that the price needs to break that level to climb higher.
According to McGlone on his Twitter account, $2,000 is a strong resistance zone after prices failed to break through it even as the NASDAQ 100 stock index hit a 52-week high in the second quarter.
However, the entire crypto market including ETH and tech stocks in June 2022 saw a fall as both assets experienced prolonged macroeconomic stress last year.
Therefore, McGlone is of the view that ETH should rely on the stock index to rise again even though investors often compare the digital asset or other altcoins with technology securities.
Not only advising investors to look at altcoins as venture assets, well-known investors Bill Miller and Paul Tudor Jones have defined Bitcoin (BTC) as a safe-haven asset, an inflation hedge and a form of resistance to bank failures.
There is no denying that BTC's correlation with gold has recently increased after both digital assets surged after many banks collapsed in March 2023, but unfortunately the correlation with stocks has decreased.
That streak, here it can be seen that the rise of tech stocks is not decisive for the price of ETH or other cryptocurrencies to rise.
As of this writing, ETH price has plunged by 0.12% to $1,834 in the last 24 hours with a market cap of $220 billion further recording a 2.28% decline over the last week.
