Bloomberg Intelligence strategist highlights the risk for altcoins as U.S. equities decline, impacting Ethereum's price trajectory.
Bloomberg strategist Mike McGlone warns that Ethereum could drop to $1,000 if the S&P 500 continues to weaken, noting a strong correlation between ETH and risk assets. As U.S. equities face significant downturns, Bitcoin's stability is crucial for altcoin performance, including Ethereum.