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👇1-14) Ethereum remains this cycle’s basket case. Surprisingly, BTC and ETH remain highly correlated, with an R-square of 95%. Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin …to react quickly in the face of a major opportunity for the ETH ecosystem and a slew of other variables has weighed on Ethereum's fundamentals, casting doubt on its prospects.
According to Thielen, the implications of Ethereum's weak fundamentals extend beyond its ecosystem. Thielen points out a high correlation between Bitcoin and Ethereum, with an R-square of 95%. Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin, preventing large-scale fiat inflows into the cryptocurrency ecosystem, he says. Thielen's forecast coincides with a period of increased uncertainty and volatility, with the cryptocurrency market under selling pressure.
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