According to Barron's report, Bloomberg Intelligence commodity strategist Mike McGlone said that Ethereum is replacing Bitcoin. McGlone argued that Ethereum's price movements can also affect other altcoins and drive their price as well.

Stating that the overall performance of the cryptocurrency market depends on whether ETH will rise above the $2,000 resistance level, Bloomberg analyst stated that the $1,000 support level for ETH should also be permanent.

   “For Ethereum to influence and drive the altcoin market, ETH needs to both surpass the $2,000 resistance level and maintain the $1,000 support level.”

McGlone added that while he gave good comments for the second largest cryptocurrency Ethereum and is confident that ETH is on its way to revolutionizing finance, he expects ETH to face some hurdles on its way up. Although less than two weeks are left before the highly anticipated Merge upgrade in Ethereum, it was affected by the sharp decline and ETH fell 8.4% in the last 24 hours to $ 1,511.

bull bear

Cryptocurrencies fell hard

Cryptocurrency total value has been pulled below $940 billion with sales after reaching the $1 trillion mark yesterday. While hard sales were seen in the altcoin market yesterday evening, Bitcoin fell below $ 19,000. Bitcoin (BTC) is currently moving in the $18,800 band with a pullback of over 5%. Ethereum (ETH) had positive momentum yesterday at the $1,600 band, but saw a drop of close to 10% with the hard sell-offs and is now down to the $1,500 limit. There were also decreases approaching double-digit rates in high-capital cryptocurrencies.

The continued selling pressure in the cryptocurrency markets is attributed to macroeconomic factors as a general narrative. This situation is especially evident as the dollar continues to gain strength. The dollar index continued its rise and reached 110 points. US stock markets also followed a negative course in yesterday's transactions. The technology weight index Nasdaq, which is highly correlated with crypto markets, saw a 0.74 percent decline yesterday.