Mike McGlone Warns Ethereum Could Be Headed Lower

Ethereum (ETH) is approaching an uncomfortable milestone. After years of volatility, innovation, and narrative churn, it remains trapped in a broad range that has defined most of its recent history, and some macro analysts argue that stagnation is the signal, not the noise.

That view was sharpened this week by Bloomberg’s senior analyst Mike McGlone, who posed a blunt question: “Ether $2,000 or $4,000 next?” 

His bias is decisively lower. According to McGlone, 2026 would mark the sixth straight year of Ethereum failing to meaningfully break higher, even as gold, equities, and Bitcoin (BTC) have pushed to record or near-record levels.

Why Ethereum’s Range Matters More Than It Looks

Ethereum’s inability to trend isn’t happening in isolation. The broader macro backdrop has been unusually forgiving. US equities have absorbed rate hikes, gold has thrived as a hedge, and Bitcoin has continued to attract institutional legitimacy. Ethereum, by contrast, has oscillated, being active, used, but capped.

McGlone frames that divergence as a warning about risk assets more broadly. When volatility is suppressed for extended periods, markets tend to underestimate downside risk. Mean reversion doesn’t announce itself early; it arrives after complacency sets in.

In that context, Ethereum’s sideways behavior may be less about underperformance and more about vulnerability.

A Macro Lens on ETH’s Next Move

Ethereum remains foundational to crypto infrastructure, but markets don’t price importance; they price flows. As capital gravitates toward assets with clearer narratives or macro tailwinds, ETH risks being treated as a proxy for broader risk sentiment rather than a leader in its own right.

McGlone’s thesis suggests that if volatility resurfaces across US equities, highly liquid risk assets like Ethereum could feel pressure first. This doesn’t negate long-term utility, but it does challenge assumptions that adoption alone guarantees appreciation.

The uncomfortable implication is timing. Being early in infrastructure doesn’t always translate into near-term price expansion, especially if liquidity conditions tighten.

Currently, ETH is changing hands at the price of $2,933.63, down 0.13% in the last 24 hours, declining 3.92% across the previous seven days, and losing 2.09% on its monthly chart, per the latest data.

All things considered, the range McGlone highlights represents more than technical levels. A break above $4,000 would signal renewed conviction in risk assets and Ethereum’s role within them. A slide toward $2,000 would reinforce the idea that markets are repricing risk after years of suppressed volatility.

More Must-Reads:

• XRP Price Action Is Quietly Turning Bullish
• This Pattern Just Changed Dogecoin’s Chart
• Senator on Crypto Subcommittee Buys Bitcoin