Ether’s failure to respond to good news could be rooted in investors’ perception that macroeconomic conditions are worsening.
Ether (ETH) has been under pressure since June 7, when it lost the $3,800 support level. Despite a series of positive developments, its price remained below $3,600 on June 19, showing no weekly change.
Some analysts believe that the primary reason for the bearish momentum is a lack of institutional demand for cryptocurrencies. Others attribute it to regulatory uncertainty within the Ethereum ecosystem.
Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, expressed surprise at Ether’s lack of positive momentum following Consensys's victory over the regulator. She also questions whether other regulatory issues related to staking could be deterring investor interest.
