Ethereum has lost steam after a week of trading in profits. The elements for a potential extension of the bullish momentum were laid out in the macro-economic stage. Still, rising tensions between China and the United States have brought back uncertainty to the global financial world. Related Reading: TA: Solana Struggles To Break Key Resistance After $5M Hack U.S. Congresswoman and Speaker of the House of Representatives Nancy Pelosi visited Taiwan earlier this week. Her visit is controversial, as Taiwan is considered a territory in open rebellion by China. The latter responded to Pelosi’s visit by firing artillery near Taiwan and announcing military exercises, the Asian giant considers this an “act of provocation”. So, tensions about a potential conflict between the U.S., Taiwan, and China in the near future emerged. Investment firm Cumberland believes the above highlights the tight correlation between Ethereum, the crypto market, and the traditional finance sector. The second crypto by market cap has been trending downside in the short term as a result of this uncertainty. Ethereum and Bitcoin have been highly correlated with the Nasdaq 100, the index that tracks big tech stocks. Cumberland believes that if ETH’s price can break this correlation, the cryptocurrency will be able to reclaim previous highs. Until then, ETH’s bullish momentum seems limited. The investment firm said the following on ETH’s price fate as long as i...
