Bloomberg Intelligence senior commodity strategist Mike McGlone shared on social media platform X a bearish outlook on ether, arguing that the asset is more likely to fall toward $2,000 than rise to $4,000 as prolonged underperformance and macro risks continue to weigh on crypto markets.

He 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.

McGlone contrasted ethereum’s price action with gains in bitcoin, gold, and major equity benchmarks, underscoring relative stagnation as a defining characteristic of recent cycles. He emphasized that extended periods without sustained appreciation can influence investor sentiment, portfolio allocation, and comparative asset appeal.

The strategist also highlighted the importance of duration in macro analysis, noting that markets often reassess assets that lag peers during multi-year expansions. His remarks positioned ethereum within a broader cross-asset framework rather than focusing on protocol-specific developments or near-term technical indicators.

Read more: Bitwise Turns ‘Really Bullish’ on Ethereum and Solana as Stablecoins Drive Structural Demand Shift

Continuing the analysis, McGlone questioned how all risk-assets might respond if suppressed U.S. stock market volatility reverts toward historical norms, writing:

What of all risk-assets when buried US stock market volatility mean reverts? A question of time.

He has repeatedly expressed caution on ethereum in prior cycles, including views published during 2022 and 2023 that flagged downside exposure during tightening liquidity conditions and persistent weakness relative to BTC. Earlier Bloomberg Intelligence research characterized extended consolidation in ethereum as a structural signal rather than a temporary pause, linking price vulnerability to macro headwinds, leverage dynamics, and shifting correlations across financial markets.

Several analysts have outlined more constructive scenarios for ethereum. Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said in recent research that scaling upgrades and increased institutional tokenization activity could help restore momentum. Bernstein managing director Gautam Chhugani said in client commentary that ethereum serves as core infrastructure for on-chain finance, linking its valuation potential to growth in stablecoins and real-world asset issuance. Coinbase Institutional research head David Duong wrote that sustained developer activity, rising layer-two settlement volumes, and improving fee dynamics could support stronger performance, assuming broader crypto market conditions remain favorable.

• Why is Bloomberg Intelligence bearish on ethereum?
  The outlook centers on prolonged underperformance versus bitcoin and macro assets alongside rising macro risk.
• What price levels does Mike McGlone highlight for ether?
  He argues ether is more likely to move toward $2,000 than $4,000 in the current cycle.
• How does U.S. stock market volatility factor into ethereum’s outlook?
  A return of volatility could pressure all risk-assets, including ethereum, according to McGlone.
• Which analysts remain constructive on ethereum in late 2025?
  Standard Chartered, Bernstein, and Coinbase Institutional cite scaling, tokenization, and developer activity.

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