ETH Shows Strength As Volatility Peaks

The Ethereum price continues to struggle as the macro factors remain unfavorable. Ethereum completed a successful merge last month, which was 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 is showing strength in the last hour.

Ethereum rallied by 1% in the last hour and has broken the $1.3k mark again. It is currently trading at $1307 and is up by 0.3% in the last 24 hours. In the last 7 days, ETH has climbed by 6%. However, it remains far below the pre-merge levels.

Bitcoin showed strength as well as BTC climbed by 0.5% in the last hour. It is trading at $19,289.

Ethereum’s rally is also reflected by Solana’s price movement. $SOL rallied by 1% in the last hour and is trading at $29.35. However, Solana continues to be one of the most volatile cryptocurrencies. Despite the rally, SOL is down 1.8% for the day.

Chainlink continues to show excellent fundamentals and has rallied by over 1% in the last hour. $LINK is currently trading at $6.88.

Meme coins Dogecoin and Shiba Inu also rallied by over 0.5%.

Why Is Ethereum Price Rallying Today

The macroeconomic factors continue to affect the crypto price movement. Microsoft, Apple, and Amazon’s solid performance 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. Therefore, a rally in tech stocks is also reflected in the crypto market.

The Pound also remains stable after the resignation of the UK PM Liz Truss. Truss was the shortest-tenured PM in UK history. She resigned as the UK markets collapsed due to her mini-budget. Finance Minister Kwasi Kwarteng was also sacked earlier in the week.

Will The Rally Sustain

Despite showing strength, the crypto market remains dependent upon global market factors. Reports revealed how oil prices are surging as the OPEC supply cuts will start to go into effect. If true, this can lead to a much more aggressive stance from the Fed to curb inflation levels.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.