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Mike McGlone Thinks Ethereum Will Stand Out in 2023

Bloomberg commodity analyst Mike McGlone recently published a report stating that Ethereum’s performance compared to Bitcoin in 2022 is promising despite the poor price action of most risky assets. According to the analyst, Ethereum’s growth has reached a turning point since its transition to the Proof of Stake consensus mechanism in September. Therefore, the analyst thinks that ETH can gain an advantage against Bitcoin. McGlone also thinks that support and resistance levels for Ethereum are in the $1,000 and $2,000 range.

McGlone cited Solana’s 97% drop as an example of cleaning up speculative excesses in cryptocurrencies after an enthusiastic 2021. One of the biggest ETH competitors, SOL, lost great value after the collapse of the cryptocurrency exchange FTX. However, with the meme token BONK, which has recently been on the agenda of the market, a vitality has started in the SOL ecosystem. Solana, backed by FTX’s subsidiary Alameda, suffered a steep decline after it was revealed that these companies were using client funds.

According to McGlone, cryptocurrencies appear to be facing the first major global economic slowdown in their history, but he believes that Bitcoin and Ethereum in particular could emerge victorious over traditional financial systems even if other coins decline. According to McGlone, as more people move away from mainstream investment vehicles and add cryptocurrencies to their portfolios, blockchain technologies can continue to expand and offer new opportunities throughout 2023.

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