- The ETH course is practically married to the S&P 500 Index-in good and in bad times-which can now mean the drop in the course.
- Whales don’t seem to worry, they continue to move millions in ETH despite the weakness of the market.
Ethereum is still under pressure because the markets in general weaken. Bloomberg strategist Mike McGlone has warned that ETH could again reach the $ 1,000 mark if the US shares continue their descent. The S&P 500 has fallen under its sliding 200-day average, which questions risky systems such as ETH. Despite the downward trend-typical “Buy the Dip”, Wal-Wallets Hurt Ethereum-while the scaling agenda is driven at Ethereum.
Bloomberg sees S&P 500 crash as a high-risk indicator of the ETH course
Mike McGlone, Senior Macro Strategist bei Bloomberg Intelligence, explained that Ethereum is still closely linked to traditional market development. He explained that ETH could fall strongly if the US shares continue to slip, especially after the S&P 500 Index fell under its sliding 200-day average. Institutional dealers observe this technical level very well in order to estimate long -term trends.
#Ethereum vs. $2,000 may guide the way for risk assets. Is $1,000 next?
Full report on Bloomberg here: https://t.co/vsuw0mMdL2 {BID} COMD}#commodities #stockmarket #cryptos #macroeconomics @BBGIntelligence pic.twitter.com/soxMwnyIPC— Mike McGlone (@mikemcglone11) March 28, 2025
McGlone added that ETH could reach the $ 1,000 brand again in the further course of the year. He also noted that a return to the $ 2,000 mark could indicate a broader recovery in risk systems. However, the persistent weakness of Bitcoin increases the downward pressure on old coins, especially on top cap systems such as Ethereum. The Bloomberg chart shows a strong correlation between ETH and the S&P 500 from the beginning of 2022.
Wal-accumulation and buterins L2-upgrade planning
Despite the declining trend, whales pull out ETH from central stock exchanges. Lookonchain reports that a Wallet 7,100 ETH, the equivalent of $ 14.27 million from Gemini. Another address pulled 4,709 ETH from Binance, postponed it to Aave, lent 8 million USt and sent the stable coin back to Binance-possibly for further ETH purchases. Another two Wallets pulled ETH off the millions from OKX and octopuses, an address then stamping the ETHs.
Whales are accumulating $ETH!
The newly created wallet "0x114E" withdrew 7,100 $ETH($14.27M) from #Gemini 4 hours ago.
0xC377 withdrew 4,709 $ETH($9.47M) from #Binance 8 hours ago and deposited to #Ghostthen borrowed 8M $ USDT from #Ghost and deposited to #Binancepossibly… pic.twitter.com/gaCbb6Edld
— Lookonchain (@lookonchain) March 27, 2025
As already reports, works Ethereum continues to the Improvement of the network at the protocol level. Vitalik Buterin recently presented a hybrid-safe model to strengthen L2 rollups. Its proposal combines optimistic zero knowledge proofs with verification through the tea (Trusted Execution Environment). This system aims to complete transactions immediately as soon as they are verified by ZK and tea.
The roadmap also contains the PECTRA upgrade with which the Blob storage space is expanded to six units to enable a higher throughput. Buterin explained that future upgrades such as Fusaka could raise this limit on 72 units. These improvements improve scalability and lower the fees for Layer 2 solutions, even if ETH is exposed to a macroeconomic price pressure.
The current development supports McGlones caution. When writing this article, ETH is traded at $ 1,799.87, a minus of 0.41 % within 24 hours.
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