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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Ethereum Stronger Than Bearish Macro Factors? Why ETH Will Be Tested This Week

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Ethereum

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Ethereum has lost bullish momentum over the weekend and hints at a pullback in the short term. The cryptocurrency is still leading the current crypto market recovery with a 14% profit over the past week but might be negatively impacted by macroeconomic factors.

Related Reading | Bitcoin Bulls Try To Recoup As BTC Dislodged From $22,000 Level

At the time of writing, Ethereum (ETH) trades at $1,530 with a 5% loss in the last 24 hours.

Ethereum ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

According to a senior analyst at research firm Messari, the second cryptocurrency by market capitalization will face several challenges this week. As NewsBTC reported, Ethereum was at the heart of the current market relief rally.

ETH core developers set a date for “The Merge”, the event that will complete its transition to a Proof-of-Stake (PoS) consensus. The highly anticipated event will take place in September this year, but the announcement might be insufficient to mitigate current macro conditions.

The Messari analyst believes this week will be key in shedding light on ETH’s price future price action. Since last week, major corporations in the United States have been publishing their earnings reports.

So far, big tech companies have been showing relatively good results. In the next few days, Apple, Meta, Google, Exxon, Ford, Amazon, Intel, and other behemoths will release their earnings.

If the results are favorable, Ethereum and the crypto market might continue rallying beyond critical resistance. The opposite will be true if these companies failed to meet market expectations. The analyst said the following while sharing the image below showing ETH and BTC’s correlation with the S&P 500:

Eth correlation with stocks is rolling over. If we have big misses on earnings, a bad reaction to the fed and stocks rolling out this week will be THE test is the merge > macro.

Ethereum ETH ETHUSDT
Source: Dunleavy via Twitter

As the chart shows, ETH’s price has been decoupling from the traditional market, specifically the S&P 500 since the start of July 2022. Most likely as a reaction to “The Merge” announcement, this trend could reverse on the back of a bad earnings season.

What Lies Ahead For Ethereum

On the other hand, if companies record losses, the S&P 500 and other Indexes could trend lower and finally hint at a potential macro bottom for the multi-month bearish trend across global financial markets.

The analyst noted that only 21% of the companies in the S&P 500 have reported their earnings. This leaves a majority of this Index to determine the upcoming trend in legacy markets and the crypto markets. The analyst added:

If big tech misses and guides lower we finally could see the mark down in stocks to reflect the forward p/e folks have been waiting for. Earnings est are still historically high for any period, forget one with a war, record high infl, a pandemic etc.

Ethereum ETH ETHUSDT
Source: Dunleavy via Twitter

Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

If Ethereum can go through the next week unscathed by the turbulence in equities, the bullish momentum could extend. $1,700 is still a major resistance point to measure bull conviction, if these investors can push ETH beyond this point, the cryptocurrency could be set to reclaim much higher levels.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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