100 Million Dollars of Selling Pressure Removed in Ethereum! When will it be reflected in the price?

Merge with the merger on Ethereum (ETH) Investors were expecting an upward price movement. However, it was not as expected and after ETH Merge, it painted a bearish picture.

Dropped below $1,300 after Merge ETHIt is trading at $1,350 at the time of writing.

Merge’s ETH The trade giant stating that it is positive for Cumberlandclaimed that Merge has turned the supply-demand dynamics in favor of ETH bulls.

Sharing on his Twitter account, Cumberland drew attention to the 30-day correlation between Ethereum and Wall Street’s technology exchange Nasdaq.

In the data that Cumberland follows, Nasdaq with ETH He said the correlation between them rose from 0.58 to a four-month high of 0.765.

“The 30-day correlation between ETH/Nasdaq is almost back to this year’s highs.

But this rising correlation overshadows (for now) the unique dynamics of the Merge merger.”

Cumberland also noted that the weakness indicator on the Nasdaq could keep ETH under pressure and disappoint those betting on big post-merge gains.

Cumberland, Although there is a decrease in price in the short term due to macroeconomic factors and inter-market correlations after Merge, ETH He said he remains optimistic that the drastic reduction in supply will bode well for the Ethereum price.

“The sudden disappearance of $100 million weekly miner sales is an off-chain supply/demand feature that’s so big and can’t be ignored.

The important question here is not whether this massive change in supply has had an effect, but when.”

Finally, ETH/Nasdaq The rising correlation between cryptocurrency Cumberland stated that most traders tend to trade in dollars rather than using crypto-to-crypto trading pairs.

ETH/NASDAQ correlation is nearly back to the highs of the year – a feature which has overshadowed the idiosyncratic dynamics of the Merge (for now) 🧵👇 pic.twitter.com/Q9oB6uo9BH

— Cumberland (@CumberlandSays) September 20, 2022