Ethereum (ETH) appears trapped under $2000 after a stock rally has failed to push it past the price point, according to Mike McGlone, Senior Macro Strategist for Bloomberg Intelligence.

Here’s what the analyst believes Ethereum needs to break the 12-month-long resistance level. 

Ethereum’s Major Resistance

In a tweet on Thursday, McGlone said that $2000 looks like a “resistance ceiling” given that ETH has failed to sustain itself above that, despite the NASDAQ 100 stock index tapping a 52-week high in Q2.  

Historically, the correlation between cryptocurrencies and high-beta tech stocks has been strong. This was especially true in June 2022 when both asset classes cratered under macroeconomic pressure, and ETH lost its $2000 level. 

Divergent Weakness and #Ethereum‘s $2,000 Ceiling –
The inability of Ethereum to stay above $2,000 despite a 52-week high in the #Nasdaq 100 Stock Index in 2Q may portend a resistance ceiling for the crypto. The token may depend on the stock index to lift all boats. pic.twitter.com/Q5dBSo4fTo

— Mike McGlone (@mikemcglone11) June 8, 2023

“The token may depend on the stock index to lift all boats,” added McGlone. 

Besides their concrete correlation, investors have often compared Ethereum and altcoins to tech securities from an investor’s point of view. 

Bill Miller, for instance – a famous investor known for outperforming the stock market for over a decade – said last year that investors should view altcoins as “venture assets.” Alternativ