Ether faces growing downside risks as prolonged underperformance and shifting macro conditions weigh on investor sentiment.
Bloomberg Intelligence senior commodity strategist Mike McGlone shared a bearish outlook on Ether in a recent social media post.
McGlone said Ether is more likely to fall toward $2,000 than rebound to $4,000 in the current market cycle.
Ether $2,000 or $4,000 next? My bias is downward.
Mike McGlone said.
He noted that 2026 would mark the sixth consecutive year without meaningful upside for the asset.
McGlone contrasted Ether’s stagnation with strong gains in Bitcoin, gold and global equity markets.
He argued that relative underperformance has become a defining feature of Ether’s recent price cycles.
The strategist said prolonged flat performance can reshape portfolio allocation decisions.
He added that investors often reassess assets that lag peers during multi-year expansion phases.
McGlone framed his analysis within a broader cross-asset and macroeconomic context.
He avoided focusing on near-term technical indicators or protocol-specific developments.