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Ethereum (ETH) could suffer due to macro conditions, according to a crypto analyst. Here’s why

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News Tech: According to a well-known cryptocurrency analyst, Ethereum, the top platform for smart contracts, may face difficulties due to global economic conditions (ETH).

“The Federal Reserve’s monetary policy outlook is ambiguous, which is not what the market was looking for, as we witnessed from [the recent] meeting minutes, despite The Merge in Ethereum and all these fantastic technological breakthroughs. Since that meeting on Wednesday, you can obviously see that reflected in share prices over the last four days. Since the 17th, we have been steadily advancing with momentum leaning toward the bear.

DataDash host Nicholas Merten warns his 515,000 YouTube subscribers in a recent video update that larger-scale variables may eclipse the excitement surrounding Ethereum’s impending switch to a proof-of-stake consensus algorithm.

Merten claims that both Ethereum and Bitcoin (BTC) are currently displaying symptoms of fading enthusiasm, with the macro background acting as a headwind for the cryptocurrency markets.

Bitcoin is changing hands for $21,355 at time of writing, a 2.5% gain on the day while Ethereum is trading for $1,590, a 3.9% gain in during the last 24 hours.

   

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