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After Fed Chairman Jerome Powell’s speech last Friday, the broader equities markets and cryptocurrencies were severely impacted.<a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, the world’s second-largest cryptocurrency, has seen its price fall by 12% during the previous weekend. At the time of writing, ETH was trading 2.63% down at $1454, with a market worth of $174 billion.As per data from CryptoQuant, the ETH funding rate has dipped to a 14-month low. A negative funding rate shows a significant “bearish” attitude among ETH traders. As per reports:“Ethereum Funding Rates have reached a 14-month low, implying that short-traders are paying long-traders. The last time Funding Rates were this low was in July of this year, shortly before a massive short squeeze on Bitcoin and Ethereum.”<img src="https://academy-public.coinmarketcap.com/optimized-uploads/99eafe7e661f42d295cfc31a50eacc56.jpeg" />Ethereum Inflation Rate DropSince the deployment of the EIP-1559 protocol last year in 2021, the yearly rate of inflation has decreased by 50.77%. Currently, the quantity of ETH burnt on the Ethereum network has surpassed 2.6 million. As on the current ETH pricing, this equals to $3.76 billion in total value.However, as per Glassnode statistics, the total value of ETH in Deposit contracts has reached a one-month low.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8739b639561a43668638e5802194c2ca.jpeg" />Macro Influence GrowingThe ETH price increased sharply as a result of the optimism around the Merge upgrade. ETH surged more than 90% from its June low of $1,000 before retreating back. Currently, macroeconomic reasons are overshadowing the Merge upgrade’s optimism.Last week, Fed Chairman Jerome Powell stated that the central bank will not be afraid to raise interest rates further. Powell noted that, while inflation is decreasing, it is still quite high for the average consumer.As a result, more quantitative tightening measures might put additional pressure on the equities and cryptocurrency markets. Ethereum’s growing correlation to S and P 500 might have an influence on the ETH price.Get more crypto related updates :-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

Top Cryptocurrency News: ETH Funding Rate At 14-Month Low, What Does It Mean for the Price of Ethereum?

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