"sad! This Ethereum bull market is a “fake bull” in name only! 》
Salient features:
1. The trend is highly dependent on U.S. stocks and there is no independent market trend at all;
2. Major positive factors have no driving effect; major positive factors such as technological breakthroughs, policy support, and positions held by well-known institutions cannot stimulate market enthusiasm;
3. Far inferior to emerging industries; compared with the new energy sector, it follows the decline closely but fails to follow the rise; the trend is not as good as TSLA/AMD/AMZN, etc.
4. Seriously restricted by U.S. economic indicators and Federal Reserve decisions; powerless to resist.
5. It will be difficult for the United States to rise without loose funding; the monetary easing policies of other countries such as Japan and South Korea have not had a significant impact.
Review recent important fluctuation nodes:
June 3, US manufacturing PMI data - small positive;
On June 4, the U.S. consumer confidence index was positive;
On June 5, the Bank of Japan eased monetary policy - a small positive;
On June 6, the Bank of Korea cut interest rates - a small positive;
June 7, US trade deficit data - small positive;
On June 8, U.S. retail sales data - negative;
On June 9, the U.S. industrial production index - small positive;
On June 10, U.S. housing starts data - a big plus;
On June 11, the minutes of the Federal Reserve’s interest rate meeting were very negative; the stance was tight.
On June 12, U.S. core inflation data - very positive;
On June 13, the U.S. consumer price index - positive;
The trend of $ETH is completely affected by these macro factors. On June 10, 5500 peaked, and then encountered negative news and fell into a volatile downward trend.
The Dow Jones and Nasdaq ignored the negative news and continued to hit new highs.
Just a biased negative retail sales data and the Federal Reserve's slightly conservative minutes left ETH in a precarious state.
If yesterday's core inflation data were negative, I'm afraid ETH would have already fallen back to 4,000, so ETH is a "fake bull".
As long as the Fed does not change its monetary policy and release liquidity, it will be difficult for it to cheer up!
The situation of other niche currencies is even more dire. They are like blood-sucking insects attached to ETH.
