Ethereum has fallen 10.2% this week, with both spot and derivatives markets showing continued weakness, according to Wintermute. The ETH/BTC exchange rate is nearing 0.0275, and Wintermute suggests that Ethereum is not a suitable asset in the current macroeconomic environment. Meanwhile, Bitcoin's critical support lies between $76,000 and $78,000. If it holds this range before NVIDIA's earnings report on May 20, market sentiment may improve. However, a drop below $75,000 could see prices quickly fall to just above $70,000 amid ongoing ETF outflows and funding rate resets. Wintermute also notes that rising U.S. Treasury yields and accelerating inflation make betting on institutional re-entry into Bitcoin challenging in the short term.
Ethereum Drops 10.2% as Wintermute Warns of Weak Market Conditions
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