While the overall crypto market struggles for a bull market, a well-known crypto analyst and trader, Cred, is of the opinion that the crypto market, especially Ethereum (ETH), will see massive gains this September.
In his latest analysis, Cred says that the Ethereum merge, which is scheduled for mid-September, will be released on the same day on which the inflation data is expected.
As per the analyst, the inflation data will reveal how the market will perform more than the Merge event. He goes on to say that as the US CPI data will be out on the same day as Merge, the day will play an important role in the further price action of the crypto market.
Inflation Data To Determine Crypto Price Action
Moreover, the strategist believes that inflation data will either push or pull the crypto price, because if the stats are positive, the Fed will lower the interest rate hikes and hence, Ethereum along with other currencies, will see a bull run.
On the other hand, if the inflation data is negative, Cred claims that the crypto market will not experience any big change and the currencies will continue to plunge. Hence, he believes the Merge will not act as a major driver of the market.
Furthermore, Cred asserts that the traders might look towards the Merge for predicting the rise or fall of the market instead of focusing on macroeconomic data. He explains that people are desperate for some positive news and events in the crypto space, which is the major reason why the ETH Merge is getting the kind of attention it is.
The strategist says that this would be the same for inflation, as once the inflation data is released, it will pave the way for the crypto market’s price action and if ETH plunges, there will be a general opinion that it is because of Merge.
However, Cred claims that this kind of opinion will not be genuine; people must look at the macro trade for relevant insight.
At the time of reporting, Ethereum is selling at $1,507 with a fall of 10.09% in the last 24hrs
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Source: https://coinpedia.org/ethereum/heres-why-ethereum-merge-might-act-as-catalyst-for-crypto-space/