Ethereum's price often correlates with U.S. stock market trends, raising questions about its independent trajectory. While it’s influenced by broader market sentiment, macroeconomic factors, and investor risk appetite—similar to equities—Ethereum retains unique drivers like network upgrades, DeFi activity, and crypto-specific adoption. Data shows its correlation with the S&P 500 fluctuates, peaking during risk-off periods but diverging during crypto bull runs. Thus, it hasn’t fully lost its independent行情; rather, it reflects a hybrid dynamic, blending traditional finance influences with blockchain fundamentals. Analyzing on-chain metrics and market cycles could further clarify its autonomy.