Is Ethereum Stronger Than Bearish Macro Factors? Why ETH Will Be Tested This Week

Ethereum has lost bullish momentum over the weekend and hints at a pullback in the short term. The cryptocurrency is still leading the current crypto market recovery with a 14% profit over the past week but might be negatively impacted by macroeconomic factors. Related Reading | Bitcoin Bulls Try To Recoup As BTC Dislodged From $22,000 Level At the time of writing, Ethereum (ETH) trades at $1,530 with a 5% loss in the last 24 hours. According to a senior analyst at research firm Messari, the second cryptocurrency by market capitalization will face several challenges this week. As NewsBTC reported, Ethereum was at the heart of the current market relief rally. ETH core developers set a date for “The Merge”, the event that will complete its transition to a Proof-of-Stake (PoS) consensus. The highly anticipated event will take place in September this year, but the announcement might be insufficient to mitigate current macro conditions. The Messari analyst believes this week will be key in shedding light on ETH’s price future price action. Since last week, major corporations in the United States have been publishing their earnings reports. So far, big tech companies have been showing relatively good results. In the next few days, Apple, Meta, Google, Exxon, Ford, Amazon, Intel, and other behemoths will release their earnings. If the results are favorable, Ethereum and the crypto market might continue rallying beyond critical r...