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 its latest analysis, Cred says that the Ethereum merge, which is scheduled for mid-September, will be released on the same day that 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
Furthermore, the strategist believes that inflation figures will either push or pull the crypto price, because if the statistics are positive, the Fed will reduce interest rate hikes and, therefore, bullish Ethereum with other currencies. Will come
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 claims that traders may look to merges to predict the rise or fall of the market, rather than focusing on macroeconomic data. He points out 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 such attention.
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 such an opinion would not be genuine; One should look at Macro Trade for relevant insights.
At the time of reporting, Ethereum is selling at $1,507 with a fall of 10.09% in the last 24hrs
