🟡 Gold leads, $ETH follows – a familiar macro pattern

Gold (#XAUUSD ) continues to trade near new highs, reflecting persistent macro stress:

sticky inflation, rising sovereign debt, and declining confidence in fiat currencies.

At the same time, $ETH is consolidating, not breaking down.

This divergence is typical in the early phase of a liquidity-driven cycle:

capital first seeks hard safety (gold), then gradually rotates into high-quality crypto assets like Ethereum.

Gold acts as the signal.

$ETH acts as the liquidity amplifier.

As long as gold holds strength at elevated levels, downside risk for ETH remains limited, with potential for renewed upside once liquidity conditions loosen.

This is not about short-term price action.

It’s about capital behavior across asset classes.