Bloomberg Intelligence senior commodity strategist Mike McGlone shared on social media platform X on Jan. 25 a technical outlook suggesting ethereum risks drifting toward the lower boundary of its long-standing trading range amid rising macro volatility.

He said:

“Ether appears to be heading toward the lower end of its $2,000-$4,000 range since 2023. I see greater risks of it staying below $2,000 than above $4,000, especially when stock market volatility rebounds.”

The post included a long-term ethereum price chart illustrating repeated failures above the $4,000 level and multiple pullbacks toward the lower end of the range. The visual highlighted how ETH has oscillated between major resistance and support zones since peaking near prior cycle highs, reinforcing his view that downside pressure dominates during periods of tightening financial conditions, reduced liquidity, and rising correlations with equities.

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Beyond the immediate range dynamics, McGlone has cautioned about ethereum’s trajectory before, tying its price behavior to prolonged underperformance relative to other major assets. In a post shared on X in December, the strategist stated: “Ether $2,000 or $4,000 Next? My bias is downward. 2026 will mark the sixth year of unch’d for the #2 crypto, despite record-setting gold, equities, and bitcoin. What of all risk-assets when buried U.S. stock market volatility mean reverts? A question of time.” That earlier warning framed ethereum as lagging amid broader market strength and underscored his view that a return of U.S. stock market volatility could weigh on risk assets before any sustained upside materializes.

• Why does Mike McGlone see downside risk for ethereum?
  He points to rising stock market volatility and tightening correlations with risk assets.
• What trading range is ethereum currently stuck in?
  Ethereum has traded between roughly $2,000 and $4,000 since 2023.
• How does equity market stress affect ethereum prices?
  Equity drawdowns often trigger deleveraging that reduces speculative crypto flows.
• What factors still support ethereum long term?
  Ongoing defi development, smart contract usage, and institutional blockchain experimentation.

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