Ethereum price continues to struggle as macro factors remain unfavorable. Ethereum completed a successful merger last month, which is expected to be a major bullish event for the Ethereum ecosystem. However, Ethereum continues to struggle to reach its pre-merge levels. Nevertheless, the crypto market has shown strength in the past hour.
Ethereum is up 1% in the past hour and has crossed the $1.3k mark again. It currently trades at $1307 and is up 0.3% in the past 24 hours. In the past 7 days, ETH is up 6%. However, it remains well below its pre-merger level.
Bitcoin showed strength and BTC climbed 0.5% in the past hour. It is trading at $19,289.
Ethereum’s rally is also mirrored by Solana’s price movement. $SOL is up 1% in the past hour and is trading at USD 29.35. However, Solana remains one of the most volatile cryptocurrencies. Despite the rally, SOL is down 1.8% for the day.
Chainlink continues to show excellent fundamentals and is up more than 1% in the past hour. $LINK is currently trading at $6.88.
Meme coins Dogecoin and Shiba Inu also gained more than 0.5%.
Why is the Ethereum price rising today?
The macroeconomic factors continue to influence the crypto price movement. The solid performance of Microsoft, Apple and Amazon in the third quarter resulted in a rally in the stock market. The crypto market shows a strong correlation with tech stocks and the tech-oriented NASDAQ 100. A rally in tech stocks is therefore reflected in the crypto market.
The pound also remains stable after the resignation of British Prime Minister Liz Truss. Truss was the shortest Prime Minister in British history. She resigned when the British markets collapsed because of her mini-budget. Finance Minister Kwasi Kwarteng was also fired earlier this week.
Will the rally continue?
Despite showing strength, the crypto market continues to depend on global market factors. Reports revealed how oil prices are rising as OPEC supply restrictions come into effect. If true, it could lead to a much more aggressive stance on the part of the Fed to curb inflation.
Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also enjoys almost all popular sports and likes to talk about a wide variety of topics.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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