Maximum negative correlation, traders in cryptocurrencies still need to watch crude oil futures.

Tom Lee points out that the selling pressure on Ethereum mainly comes from rising oil prices. If inflation remains above 2%, the Federal Reserve may tighten policy, and ETH has historically shown a strong negative correlation with oil prices. High oil prices boost inflation expectations, increasing the likelihood of Fed rate hikes, thereby tightening liquidity and suppressing crypto assets. Since the outbreak of the Iran war, oil price fluctuations have been highly synchronized with expectations of Fed rate hikes or cuts, and the resolution or easing of the war alleviates ETH's macro pressure.