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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum
Sensei Inu Logo

The Pelosi Effect? Ethereum Faces Headwinds Over Area At $1,600

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Ethereum
Reading Time: 2 mins read

Ethereum has lost steam after a week of trading in profits. The elements for a potential extension of the bullish momentum were laid out in the macro-economic stage. Still, rising tensions between China and the United States have brought back uncertainty to the global financial world.

Related Reading: TA: Solana Struggles To Break Key Resistance After $5M Hack

U.S. Congresswoman and Speaker of the House of Representatives Nancy Pelosi visited Taiwan earlier this week. Her visit is controversial, as Taiwan is considered a territory in open rebellion by China.

The latter responded to Pelosi’s visit by firing artillery near Taiwan and announcing military exercises, the Asian giant considers this an “act of provocation”. So, tensions about a potential conflict between the U.S., Taiwan, and China in the near future emerged.

Investment firm Cumberland believes the above highlights the tight correlation between Ethereum, the crypto market, and the traditional finance sector. The second crypto by market cap has been trending downside in the short term as a result of this uncertainty.

Ethereum and Bitcoin have been highly correlated with the Nasdaq 100, the index that tracks big tech stocks. Cumberland believes that if ETH’s price can break this correlation, the cryptocurrency will be able to reclaim previous highs. Until then, ETH’s bullish momentum seems limited.

Ethereum ETH ETHUSDT
Source: Cumberland via Twitter

The investment firm said the following on ETH’s price fate as long as it remains correlated with legacy markets:

Until crypto decorrelates from the broader macro backdrop, it will be difficult for these themes to generate meaningful alpha. That said, the upcoming merge threatens to reestablish digital asset markets as an independent asset class.

The Merge is the highly anticipated event that will combine Ethereum’s execution layer with its consensus layer. This event might be important enough to provide bulls with fresh momentum and break the correlation with the Nasdaq 100.

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

Before The Merge, Ethereum Ecosystem Outperforms

The Merge is already having a positive impact across the Ethereum ecosystem, and on the other two assets, Lido DAO and Ethereum Classic (ETC). A report from Kraken Intelligence shows that the ETH ecosystem has and continues to outperform the crypto market.

Related Reading: Binance Coin Finds Support At $240 – Can BNB Barrel Past $300?

In July, ETH’s price, decentralized finance (DeFi) and non-fungible tokens (NFTs) recorded an average of 59%, 52%, and 35% profits respectively. Thomas Perfumo, Head of Business Operations and Strategy at Kraken, said the following on the potential impact of The Merge:

ETH is holding value during this crypto winter against BTC, a significant departure from the prior cycle. All eyes are on The Merge, the most significant milestone to Ethereum’s scaling roadmap since the launch of the beacon chain in late-2020. If successful, the industry will have the clarity to take a longer-term outlook on Ethereum.

Tags: ETHethereumETHUSDT
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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